MRS Fuel Price: MRS Begins Petrol Sales at ₦739/Litre as PETROAN Reacts to New Pump Price
MRS Oil Nigeria Plc has commenced the sale of Premium Motor Spirit (PMS), popularly known as petrol, at a new pump price of ₦739 per litre, a move that has sparked fresh reactions across the downstream petroleum sector. The development comes amid ongoing adjustments in Nigeria’s deregulated fuel market, where prices are now largely influenced by import costs, exchange rates, and distribution expenses.
According to findings, the new ₦739/litre price is currently being implemented at select MRS filling stations, particularly in major urban centres. This adjustment reflects prevailing realities in the fuel supply chain, including higher landing costs and logistics challenges facing marketers nationwide.
Industry observers note that while the price may vary slightly depending on location, the latest move by MRS signals a broader trend among petroleum marketers who are struggling to balance operational sustainability with consumer affordability.
PETROAN Reacts
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has reacted to the price change, urging the public to understand the dynamics of fuel pricing in a fully deregulated market. PETROAN emphasized that independent marketers are not fixing prices arbitrarily but are responding to market forces such as foreign exchange volatility, import costs, and depot pricing.
In a statement, PETROAN explained that marketers source petrol at different costs, which naturally affects pump prices across regions. The association also called on the Federal Government to intensify efforts toward stabilizing the naira and improving local refining capacity to ease pressure on fuel prices.
Impact on Consumers
The new petrol price has once again raised concerns among Nigerians, particularly transport operators and small business owners who depend heavily on fuel for daily operations. Many fear that higher pump prices could translate into increased transportation fares and a rise in the cost of goods and services.
However, some marketers argue that transparent pricing and competition in the downstream sector will eventually help regulate prices, as consumers gravitate toward stations offering relatively cheaper rates.
Call for Local Refining
Stakeholders continue to stress the importance of functional local refineries as a long-term solution to fuel price instability. PETROAN reiterated that increased domestic refining would significantly reduce import dependence, lower foreign exchange demand, and ultimately lead to more stable and affordable petrol prices.
Market Outlook
As Nigeria’s oil and gas sector continues to adjust to deregulation, fuel prices are expected to remain fluid in the short term. Analysts advise consumers to stay informed and plan accordingly, while urging policymakers to implement measures that will cushion the economic impact on citizens.
The commencement of ₦739/litre petrol sales by MRS highlights the current realities of Nigeria’s fuel market, reinforcing the need for structural reforms, currency stability, and sustained investment in local refining infrastructure.
