Nigerians are bracing for another round of hardship as major filling stations, including MRS Oil Nigeria Plc, have increased the pump price of Premium Motor Spirit (PMS), following a fresh hike by the Dangote Petroleum Refinery.

The latest adjustment comes after the refinery raised its ex-depot price of petrol multiple times in March, pushing costs higher across the downstream sector.

The refinery recently increased its gantry price to about N1,275 per litre, reflecting a sharp rise driven by global crude oil prices and supply chain pressures.

In response, MRS issued a new pricing template to its dealers, setting the pump price at N1,332 per litre, with company delivery at N1,290 and self-collection at N1,282 per litre.

The company directed marketers to immediately adjust their pumps to reflect the new rates, signalling what analysts say could become the new nationwide benchmark.

The directive also noted that all product loading would now be done from the Dangote refinery, highlighting its growing dominance in Nigeria’s fuel supply chain.

Other marketers are expected to follow suit, raising concerns about a ripple effect across the country as independent filling stations align with the new pricing structure.

Industry experts say the frequent price hikes are a direct consequence of Nigeria’s fully deregulated fuel market, where pump prices are now largely determined by market forces rather than government subsidies.

The situation has been worsened by rising global oil prices, partly influenced by geopolitical tensions, which have pushed crude above $100 per barrel.

The Dangote refinery, Africa’s largest, was initially expected to stabilise fuel prices and reduce dependence on imports. However, recent developments suggest that local refining has not insulated the market from international price volatility.

The latest increase translates into higher transportation costs, rising food prices, and increased pressure on household incomes, further deepening Nigeria’s cost-of-living crisis.

As marketers continue to adjust to the new pricing regime, many Nigerians fear that fuel prices may climb even higher in the coming weeks if global oil trends persist.