MRS Oil Nigeria Plc has adjusted the price of petrol to ₦930 per litre at its filling stations in Lagos, up from an earlier price of ₦845 per litre. This follows a higher rate of ₦970 per litre seen in January 2025, indicating fluctuating fuel costs in recent months. The new price, effective today, reflects changes in the cost of petrol supply, offering some relief from January’s peak but still above the lower rate motorists once enjoyed.
The price shift is linked to a reported adjustment in supply costs from Dangote Refinery, a key supplier for MRS and other marketers. The company has confirmed that all its Lagos stations will adopt the ₦930 per litre rate and urged customers to report any non-compliance.
Mixed Reactions from Commuters
Lagos residents have mixed feelings about the new price. While it’s lower than January’s ₦970 per litre, many recall the more affordable ₦845 per litre from earlier times. At an MRS station along the Lagos-Ibadan Expressway, schoolteacher Aisha Bello remarked, “It’s better than ₦970, but I miss when it was ₦845. Fuel prices keep shifting, and it’s hard to plan.”
By mid-morning, queues formed at MRS outlets as drivers took advantage of the price drop from January’s high, though some expressed concern about potential future increases.
MRS Confirms New Price, Encourages Compliance
MRS Oil Nigeria Plc issued a statement confirming the adjustment to ₦930 per litre. The company emphasized its commitment to providing quality fuel at competitive rates and introduced a hotline (0800-944-7853) for customers to report stations not adhering to the new price.
Fuel Prices at Other Stations
Other filling stations in Lagos are currently selling petrol between ₦960 and ₦1,000 per litre. The Nigerian National Petroleum Company Limited (NNPCL) maintains its retail price at ₦860 per litre, unchanged for now. Analysts suggest MRS’s pricing could nudge competitors to adjust their rates, depending on market trends.
Why the Price is Changing
Nigeria’s fuel market has been volatile since the removal of subsidies and amid currency fluctuations. The current increase to ₦930 is attributed to a increased cost of importation and refinery supply expenses.
Energy expert Dr. Chinedu Okeke noted, “The ₦845 price was a low point, but market forces, oil prices, naira value, and refinery dynamics keep shifting the landscape. The partnership with Dangote Refinery is stabilizing things somewhat, though prices remain sensitive to global trends.”
What’s Next?
As of 10:19 AM WAT, the ₦930 per litre price was confirmed at MRS stations in Ikeja, Surulere, and Victoria Island. Motorists hope this adjustment signals a downward trend, with MRS hinting at possible price reviews in other states soon.
For now, Lagos residents are adapting to the new reality at the pump, whilst reminiscing of the days of ₦845 per litre, still believing that price will get better.