Major oil marketer MRS has increased the pump price of Premium Motor Spirit (PMS) to N925 per litre in Lagos, following a sharp hike in the ex-depot price by Dangote refinery.

In an update shared via its official X handle on Saturday, MRS revealed that the new price for petrol would rise to N955 per litre in the Southeast, while residents in Ogun, Oyo, Ondo, Osun and Ekiti states will pay N935 per litre. Prices in the North East will also hit N955, with N945 set for the North West and North Central zones.

The adjustment reflects the recent decision by Dangote refinery to raise its ex-depot price from N825 to N880 per litre, a move that appears to be rippling across the market.

“This is to inform our esteemed customers of our updated pump prices across all MRS stations nationwide,” the company said in the post. “The new prices become effective from June 21, 2025.”

MRS is one of the major distributors of Dangote refinery’s products, and industry observers expect other marketers like Heyden and AP to follow suit.

Meanwhile, Festus Osifo, president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), slammed marketers for overpricing fuel despite falling global crude rates.

“The current pump price of PMS should range between N700 and N750 per litre,” Osifo said. “Marketers are exploiting Nigerians with inflated prices.”

He criticized the gap between international oil price trends and the stagnant or rising petrol rates in Nigeria, calling for more transparency and regulation.

With global crude oil prices dipping, the development is sparking fresh debate over the pricing structure of petrol in the country.