MRS Oil Nigeria Plc has increased the pump price of Premium Motor Spirit (PMS) to N925 per litre in Lagos and N955 in the Southeast, marking a significant hike in fuel costs across the country.
The revised pricing, which took effect on Saturday, June 21, 2025, was announced on the company’s official X (formerly Twitter) account.
MRS, a major distributor of products from the Dangote Refinery, urged customers to confirm the updated prices at their nearest stations.
The move follows Dangote Refinery’s adjustment of its ex-depot price from N825 to N880 per litre on Friday, amid rising global crude oil prices.
Analysts link the price surge to escalating geopolitical tensions in the Middle East, particularly the ongoing conflict between Israel and Iran, which has unsettled oil markets.
Although MRS did not provide a detailed explanation for the price hike, market watchers say such adjustments are expected as long as international oil supply remains under threat.
