MRS Oil Nigeria Plc, a key distributor of Dangote Refinery’s petroleum products, has announced a significant hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
This is as the global oil price increased in the past week following the conflict in the Middle East between Israel and Iran.
The new pricing structure, which took effect on Saturday, June 21, 2025, raises the pump price in Lagos from N885 to N925 per litre.
The announcement was made via the company’s official X (formerly Twitter) handle. Although no specific reason was provided for the increase, MRS urged customers to consult its “updated pump prices across all MRS stations nationwide.”
The new pricing template
According to the revised pricing template, petrol will now retail at:
- N955 per litre in the Southeast
- N935 per litre in Ogun, Oyo, Ondo, Osun, and Ekiti States
- N955 per litre in the Northeast
- N945 per litre in the Northwest and North Central regions
This adjustment follows the Dangote Petroleum Refinery’s decision to raise its ex-depot price, the price at which products are sold to marketers, from N825 to N880 per litre on Friday.
Global Conflict Drives Oil Price Surge
Industry analysts suggest that the price hike may be linked to escalating geopolitical tensions in the Middle East.
- Since June 13, Israel and Iran have been engaged in a series of military confrontations, sparking fears of a broader regional conflict that could disrupt global oil supplies.
- Over the past week, crude oil prices increased nearly 3%, with West Texas Intermediate (WTI) and Brent crude reaching their highest levels since January.
- The spike followed a series of retaliatory strikes as Israel launched airstrikes on Iranian military and nuclear facilities, prompting Iran to respond with drone and missile attacks on Israeli infrastructure.
The situation intensified further in the early hours of Sunday, June 22, when U.S. President Donald Trump confirmed that American forces had conducted targeted airstrikes on three of Iran’s key nuclear sites—Fordow, Natanz, and Isfahan.
Describing the operation as a “spectacular military success,” President Trump stated that the strikes were carried out after diplomatic efforts to bring Iran back to the negotiating table had failed.
Market Uncertainty Looms
With no signs of de-escalation, global markets remain on edge.
The ongoing conflict has become one of the most closely watched developments in the energy sector, with analysts warning that continued instability could lead to further increases in fuel prices worldwide.
What you should know
Exactly one month ago, Dangote Petroleum Refinery reduced the pump price of Premium Motor Spirit (petrol) throughout the country to N875 in Lagos and N905 per litre in other regions of the country.
- Before that increase, Lagos residents paid N890 per litre, while prices rose to N920 in the North East and South-South regions at the time.
- The Dangote Refinery, with a capacity of 650,000 barrels per day, is Africa’s largest and most critical infrastructure investment in Nigeria’s oil sector. By refining domestically and progressively replacing imports, the facility has the ability to stabilise fuel supply, relieve forex pressure, and slash fuel costs for Nigerian consumers over time.
