Petrol Price Rises to ₦1,409 per Litre at MRS Stations in Abuja

Dangote Refinery-backed MRS Oil Nigeria Plc and other filling station operators have increased the retail prices of Premium Motor Spirit (PMS), popularly known as petrol, in Abuja and its environs.

A market survey conducted by this publication on Sunday showed that MRS outlets raised their pump price to ₦1,409 per litre from ₦1,370, representing an increase of ₦39 per litre over the weekend.

The new price was observed at MRS filling stations in Kubwa, Katampe, Gwarimpa and other parts of the Federal Capital Territory.

Similarly, Ranoil and AA Rano increased their petrol prices by ₦10 per litre, from ₦1,400 to ₦1,410.

The latest adjustments come amid a proposal by the Federal Government, through the Minister of Finance, Taiwo Oyedele, to reduce the price of petrol to ₦1,350 per litre at Nigerian National Petroleum Company Limited (NNPCL) filling stations.

However, fuel retailers and marketers have urged the Federal Government to extend the proposed price reduction to other filling station operators to ensure that more Nigerians benefit from the initiative.

The latest increases follow a downward trend in petrol prices recorded during the preceding week.

Meanwhile, international crude oil prices remained elevated, with Brent crude trading at about $104 per barrel and West Texas Intermediate (WTI) crude at approximately $91 per barrel, according to the figures cited in the market report.

The movement in global crude oil prices remains a key factor to watch as Nigerians contend with fluctuations in domestic petrol prices.

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