Business
MRS Hikes Petrol Price Nationwide After Dangote Gantry Increase
MRS petrol price hike pushes pump price to N1,267 per litre in Abuja after Dangote Refinery increases gantry price
MRS filling stations, backed by Dangote Refinery, have increased their petrol pump price nationwide following a recent adjustment in the refinery’s gantry price.
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In Abuja, the fuel retail outlet raised its petrol price to N1,267 per litre, up from N1,167, representing a N100 increase.
The hike mirrors the gantry price rise by Dangote Refinery, which adjusted petrol to N1,175 per litre last Friday.
A manager at MRS, who preferred anonymity, confirmed the pump price increase, attributing it directly to the refinery’s new gantry rates.
Similarly, Optima Filling Station raised its pump price by N50, from N1,220 to N1,270 per litre, after the Dangote gantry price adjustment.
By comparison, Nigerian National Petroleum Company Limited (NNPC) outlets sell petrol at N1,261 per litre, making it slightly cheaper than MRS and Optima.
Other stations including AA Rano, NIPCO, Eterna, Mobil, Empire Energy, and Raniol dispense fuel between N1,270 and N1,330 per litre in Abuja and surrounding areas.
The price adjustments come amid continued crude oil price volatility, driven by escalations in the Iran-United States-Israel conflict since 28 February 2026.
As of Tuesday, Brent crude stood at $97.39 per barrel, while West Texas Intermediate (WTI) was priced at $103.7 per barrel.
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The development underscores ongoing fluctuations in the Nigerian fuel market as global geopolitical tensions affect crude oil supply and prices.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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