MRS Increases Pump Price to N925 in Lagos, N955 In Southeast Amid Global Price Increase

MRS Oil Nigeria Plc has increased the pump price of petrol across its filling stations, raising the cost in Lagos from N885 to N925 per litre. The adjustment follows a new pricing template rolled out on Saturday, June 21, 2025, in response to rising global crude prices and Dangote Refinery’s recent hike in ex-depot prices.

According to MRS, petrol will now sell for N935 per litre in states like Ogun, Oyo, Ondo, Osun, and Ekiti, while the Southeast and Northeast regions will pay N955 per litre. The Northwest and North Central zones will see petrol priced at N945 per litre. The revised prices reflect an upward shift from Dangote Refinery’s ex-depot rate, which jumped from N825 to N880 per litre.

This move comes as tensions escalate in the Middle East, particularly between Israel and Iran, pushing up crude oil prices globally. Since June 13, both countries have engaged in military confrontations, including a dramatic escalation on Sunday when U.S. forces carried out airstrikes on three of Iran’s nuclear facilities. U.S. President Donald Trump described the attack as a “spectacular military success,” following the collapse of diplomatic negotiations with Iran.

Crude benchmarks like Brent and West Texas Intermediate (WTI) have surged nearly 3% in the past week, reaching their highest levels since January. Industry observers warn that the ongoing conflict could continue to destabilize the global oil market and further raise fuel prices.

Just a month ago, Dangote Refinery had lowered petrol prices nationwide to N875 in Lagos and N905 in other parts of Nigeria. The refinery, Africa’s largest with a capacity of 650,000 barrels per day, is seen as a game-changer for Nigeria’s fuel supply chain. Its operations aim to cut down dependence on imports, ease foreign exchange demand, and eventually make fuel more affordable for local consumers.

For now, however, Nigerian motorists are facing yet another price hike amid volatile international oil markets and security concerns in the Gulf region.