NNPCL, MRS, others filling stations increase fuel prices after Dangote Refinery’s hike

Dangote Refinery-backed MRS and other Nigerian filling stations adjusted their petrol retail prices on Saturday less than 24 hours after the 650,000-barrel-per-day plant hiked its gantry petrol by N70 to N1,245 per liter on Friday.

THE PRIME NEWS observed that MRS filling stations in Abuja and environs have hiked their pump price by N100 to N1,367 per liter on Saturday from N1,267. Similarly, Ranoil, Empire Energy, and AA Rano in Abuja increased their petrol prices to N1,440, N1,430, and N1,370, respectively.

A manager at MRS filling station who preferred anonymity confirmed the latest price hike in a telephone interview.

“MRS filling stations now sell at N1,367 per liter, an N100 per liter increase from N1,267. This is because of Dangote Refinery’s latest gantry petrol price increment to N1,275 per liter,” he said.

This means that Nigerian filling stations dispense petrol between N1367 and N1440 per liter. However, the Nigerian National Petroleum Company Limited retail outlet still sells petrol at N1261 per liter.

THE PRIME NEWS had earlier reported that Dangote Refinery’s fourth fuel price hike would mean the majority of Nigerians would have to pay more to get petrol because the refinery supplied 61 percent of Nigeria’s domestic petrol consumption, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s February data.

The domestic petrol price hike comes as a ripple effect of the global crude oil spike to above $110 per barrel as of Saturday as the Iran-United States-Israel conflict impact global economies.

Meanwhile, Nigerian National Petroleum Company Limited (NNPCL) retail outlets have increased their fuel pump price above one dollar per liter.

This is coming after Dangote Refinery’s fourth price hike last week.

Checks on Monday showed that NNPCL filling stations in Abuja and environs hiked their petrol price at the weekend to N1,367 per liter, up from N1,261.

This means that NNPCL retail outlets increased their petrol price by N106 per liter, making domestic pump prices to surge above $1, with N1,353.90 per dollar at the official foreign exchange market, according to the Central Bank of Nigeria’s data.

Dangote Refinery had hiked its price from N70 to N1,245 per liter on Friday on the grounds of rising crude oil prices, which skyrocketed to above $110 per barrel.

The refinery’s price hike had resulted in a nationwide retail fuel price hike.

Earlier, THE PRIME NEWS reported that the Dangote Refinery-backed MRS and other filling stations raised their petrol pump prices to N1,367 and N1,440 per liter.