Long queues have begun reappearing at filling stations offering cheaper petrol, as motorists scramble to purchase Premium Motor Spirit (PMS) for less than ₦1,000 per litre.
A market survey carried out on Saturday morning showed that private car owners and commercial drivers crowded stations owned by MRS Oil Nigeria Plc, especially along the Ibadan–Lagos Expressway, where petrol is currently selling for about ₦937 per litre.
The development follows a fresh rise in petrol prices by several marketers after global crude oil prices increased and the Dangote Petroleum Refinery adjusted its price.
According to a report by Channels Television, checks revealed that while motorists thronged MRS stations selling fuel at ₦937 per litre, many other filling stations along the same route had already raised their pump prices above ₦1,000 per litre.
For instance, Eterna Plc was selling petrol at ₦1,040 per litre. Similarly, Northwest Petroleum & Gas Company Limited and Fatgbems Group adjusted their prices to ₦1,030 per litre.
At stations operated by Mobil, petrol was slightly cheaper but still above ₦1,000, retailing for around ₦1,025 per litre.
Despite the rush for lower prices, queues were especially long at the MRS station in Alapere, where motorists lined up for extended periods waiting to buy fuel.
Meanwhile, a number of stations remained closed despite the growing demand. A filling station belonging to Nigerian National Petroleum Company Limited at OPIC Estate was shut as of 7:00 a.m. on Saturday. It was unclear whether the closure was due to product shortages or operational issues.
Some outlets operated by TotalEnergies along the expressway were also not dispensing fuel at the time of filing the report, while others recorded only a few vehicles waiting.
The latest increase in pump prices comes after the Dangote refinery earlier raised its ex-depot price of petrol from ₦774 to ₦874 per litre, a ₦100 jump that has triggered price adjustments among downstream marketers nationwide.
The development coincided with rising global crude oil prices, which moved above the $80 per barrel mark during the week.
An economist, Paul Alaje, had earlier warned that petrol prices in Nigeria could soon exceed ₦1,000 per litre if geopolitical tensions in the Middle East persist.
Alaje, the Chief Economist at SPM Professionals, made the statement during an appearance on the programme Politics Today on Channels Television.
He explained that increases in crude oil prices typically lead to higher costs for refined petroleum products such as petrol, diesel, and aviation fuel.
According to him, rising fuel prices would likely push inflation higher and affect various sectors of the economy.
“If PMS rises to ₦1,000 per litre, the cost of diesel and air travel will also increase. This will impact everyone — the poor, the middle class, and the wealthy,” he said.
Global oil prices surged during the week as investors monitored escalating tensions in the Middle East involving the United States, Israel, and Iran.
The conflict has disrupted energy flows around the strategic Strait of Hormuz, a critical shipping route through which nearly one-fifth of the world’s oil supply passes.
The crisis has also raised fears of a global energy shock that could push inflation higher across many economies.
Reports indicate that oil prices initially jumped nearly 14 percent at the start of the week before easing slightly, while European natural gas prices surged by almost 40 percent after QatarEnergy halted liquefied natural gas production.
Amid the escalating tensions, a general from the Islamic Revolutionary Guard Corps reportedly threatened further attacks on regional energy infrastructure, warning that oil prices could soar to as much as $200 per barrel if the conflict intensifies.