Dangote Refinery-backed MRS Oil Nigeria and other filling stations have increased their petrol pump prices in Abuja and its environs, reversing the recent downward trend in fuel prices.
A market survey by DAILY POST on Sunday showed that MRS filling stations raised the retail price of Premium Motor Spirit (PMS), popularly known as petrol, to N1,409 per litre from N1,370 per litre.
The adjustment represents an increase of N39 per litre at MRS outlets across the Federal Capital Territory (FCT).
The new petrol price has been implemented at MRS filling stations in Kubwa, Katampe, Gwarimpa and other parts of Abuja.
Similarly, Ranoil and AA Rano increased their petrol prices by N10 per litre, moving from N1,400 to N1,410 per litre across their outlets.
The latest adjustments come amid ongoing discussions over efforts to reduce the cost of petrol for Nigerian consumers.
FG Proposes Petrol Price Discount at NNPCL Stations
The petrol price increases come as the Federal Government, through the Minister of Finance, Taiwo Oyedele, proposed a reduction in the retail price of petrol to N1,350 per litre at Nigerian National Petroleum Company Limited (NNPCL) filling stations.
However, fuel retailers and marketers have called on the Federal Government to extend the proposed petrol price discount to other filling stations to ensure that more Nigerians benefit from the initiative.
The marketers’ appeal comes as consumers continue to monitor changes in pump prices amid fluctuations in global crude oil markets and domestic fuel pricing.
If implemented, the proposed discount at NNPCL outlets would place the price below the prevailing rates reported at MRS, Ranoil and AA Rano filling stations in Abuja.
Petrol Prices Reverse Previous Downward Trend
The latest increases follow a period of declining petrol prices in the previous week, when retail prices had maintained a downward trend.
The reversal is likely to renew concerns among motorists, transport operators and businesses that rely heavily on petrol for transportation and daily operations.
DAILY POST reports that Brent crude and West Texas Intermediate (WTI), the two major international crude oil benchmarks, traded at $104 and $91 per barrel, respectively.
Movements in international crude oil prices remain an important factor in the broader fuel market, although domestic petrol pump prices are also influenced by supply costs, distribution expenses and pricing decisions by individual marketers.
With MRS, Ranoil and AA Rano adjusting their prices upward, attention will remain on other fuel retailers and the Federal Government’s proposed discount at NNPCL filling stations.
Conclusion
The latest petrol price increases in Abuja have pushed MRS outlets to N1,409 per litre, while Ranoil and AA Rano now sell petrol at N1,410 per litre. The adjustments come despite a recent decline in pump prices and calls for the Federal Government to extend its proposed N1,350-per-litre discount beyond NNPCL filling stations.