Long queues have resurfaced at filling stations offering cheaper petrol, as motorists scramble to buy Premium Motor Spirit (PMS) below the ₦1,000 per litre mark.
A market survey conducted on Saturday morning revealed heavy patronage at MRS Oil Nigeria Plc stations, particularly along the Ibadan–Lagos Expressway, where petrol was being sold at ₦937 per litre.
The rush comes amid a fresh increase in pump prices by several fuel marketers, driven by rising global crude oil prices and a recent price adjustment by the Dangote Petroleum Refinery.
Checks showed that while motorists crowded MRS stations selling fuel at ₦937 per litre, many other filling stations in the same area had raised their prices above ₦1,000 per litre.
At Eterna Plc stations, petrol was selling for ₦1,040 per litre, while Northwest Petroleum & Gas Company Limited and Fatgbems Group fixed their pump price at ₦1,030 per litre. Mobil stations also sold petrol above the ₦1,000 mark at ₦1,025 per litre.
The demand for cheaper fuel was particularly noticeable at the MRS station in Alapere, where long lines of vehicles stretched across the area as motorists waited to buy petrol.
Meanwhile, some filling stations were not dispensing fuel despite the growing demand. A station operated by the Nigerian National Petroleum Company Limited at OPIC Estate was closed to customers as of 7:00 a.m. on Saturday, though it remained unclear whether the closure was due to product shortages or operational issues.
Similarly, some TotalEnergies outlets along the expressway were not selling fuel at the time of filing this report, while a few others recorded only minimal queues.
The rise in pump prices follows reports earlier this week that the Dangote Petroleum Refinery increased its ex-depot price of petrol from ₦774 to ₦874 per litre, representing a ₦100 increment. The adjustment has since triggered price reviews among downstream marketers across the country.
The situation also coincided with rising global crude oil prices, which climbed above $80 per barrel during the week.
Earlier, economist Paul Alaje, Chief Economist at SPM Professionals, warned that petrol prices in Nigeria could soon exceed ₦1,000 per litre if geopolitical tensions in the Middle East persist.
Speaking on Politics Today on Channels Television, Alaje explained that increases in global crude oil prices typically lead to higher costs for refined petroleum products such as petrol, diesel and aviation fuel.
According to him, the impact could push PMS prices beyond ₦1,000 per litre by the end of April if the ongoing conflict is not contained.
He also warned that the ripple effects would cut across multiple sectors of the economy, driving up transport costs, flight fares and the prices of goods and services.
Global oil prices surged during the week as investors closely monitored escalating tensions in the Middle East involving the United States, Israel and Iran.
The conflict has disrupted energy flows in the region, particularly around the Strait of Hormuz, a strategic route through which nearly one-fifth of the world’s oil supply passes.
The crisis has raised fears of a potential global energy shock capable of fueling inflation worldwide. Reports indicate that oil prices initially jumped by nearly 14 per cent earlier in the week before easing slightly, while European natural gas prices surged by almost 40 per cent after Qatar halted liquefied natural gas production.
Amid the escalating tensions, a senior commander of Iran’s Islamic Revolutionary Guard Corps has threatened further attacks on energy infrastructure in the region.
READ ALSO:
- Anthony Joshua Eyes Ring Return Ahead of Prenga Fight Amid Personal Tragedy
- Insecurity: Military Can Track Bandits Like Ordinary Citizens – Buratai Calls for Stronger Capacity Building
- Nollywood in Mourning as Popular Yoruba Actor Janmole Reportedly Dies
- Isaac Fayose Tackles Ayodele Fayose Over Claim Linking Makinde To Oyo School Abduction
- Tinubu Aide Slams Nasboi Over Viral ‘Terrorists’ Video, Calls Post Irresponsible
