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MRS Increases Petrol Price to ₦955 Amid Israel-Iran Conflict and Global Oil Surge

Fuel station attendant refilling car at MRS station in Lagos, with updated pump price display showing ₦925 per litre.


As global oil prices climb due to renewed conflict in the Middle East, MRS Oil Nigeria Plc has raised the pump price of petrol across the country. This change, effective from June 21, 2025, has pushed the price in Lagos from N885 to N925 per litre, while Southeast regions now face a cost of N955 per litre.

While MRS cited general market volatility, analysts point to the direct link between the Israel-Iran military crisis and this sharp price hike. With the Dangote Refinery also adjusting its ex-depot price from N825 to N880, downstream marketers have little choice but to reflect the increase at the pump.

The revised pricing by region includes:

  • N955 in the Southeast and Northeast
  • N935 in Ogun, Oyo, Ondo, Osun, and Ekiti
  • N945 in the Northwest and North Central

Global Impact:
Tensions between Iran and Israel escalated rapidly in mid-June, culminating in U.S.-led airstrikes on key Iranian nuclear facilities. The strikes — hailed by U.S. President Trump as a "spectacular military success" — disrupted oil supply routes and sent Brent and WTI crude prices to their highest levels since January.

While the Dangote Refinery was initially credited with helping stabilize prices earlier this year, the ongoing instability may reverse those gains, affecting consumers and businesses alike.

Expert Insight:
"The market is nervous. The price of fuel is no longer just about supply chains or refinery output. It’s about geopolitics," said Dr. Felix Odu, energy economist. "If this conflict persists, Nigerians could see prices move above N1000/litre soon."

What You Should Do:

  • Monitor regional station prices closely
  • Budget for possible further increases
  • Reduce non-essential fuel consumption

Final Note:
Nigeria’s fuel pricing remains vulnerable to foreign conflicts, and domestic players must adapt quickly. Consumers, however, are left bearing the brunt of external geopolitical storms.

— Report compiled from energy market data, Dangote Refinery updates, and geopolitical analysis.

📣 Let’s talk: What should Nigeria do to protect its citizens from global oil shocks? Drop your thoughts in the comments.

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