By Long queues have begun to reappear at MRS filling stations where Premium Motor Spirit (PMS), also known as petrol, is sold below ₦1,000 per litre, as motorists rush to purchase the cheaper product.
A market survey conducted on Saturday morning revealed that private car owners and commercial bus drivers are forming long lines at MRS stations, particularly along the Ibadan–Lagos Expressway, where petrol is currently sold at ₦937 per litre.
Other filling stations along the same axis recorded fewer queues, as many marketers have increased their pump prices above ₦1,000 per litre.
For instance, Eterna Plc has raised its pump price to ₦1,040 per litre, while North West Capital Oil and Fatgbems have adjusted their prices to ₦1,030 per litre. Mobil stations are selling slightly lower at ₦1,025 per litre.
Despite the rush for petrol, some stations — including those operated by the Nigerian National Petroleum Company (NNPC) Limited — were not dispensing fuel.
The NNPC station located at OPIC Estate remained closed as of 7:00 a.m. on Saturday. It could not be confirmed whether the closure was due to product shortages or other operational reasons.
Similarly, some TotalEnergies stations along the expressway were not selling petrol at the time of filing this report, while others had only a few motorists waiting at their gates.
International Influence
The development follows a sharp surge in global crude oil prices, which crossed the $80 per barrel mark earlier in the week.
Reports also emerged on Tuesday that Dangote Petroleum Refinery and Petrochemicals had increased the ex-depot price of petrol from ₦774 to ₦874 per litre — a ₦100 hike.
The increase came after an economist, Paul Alaje, warned that petrol prices in Nigeria could climb to about ₦1,000 per litre if the ongoing conflict involving the United States, Israel, and Iran escalates further.
Alaje, Chief Economist at SPM Professionals, spoke on Channels Television’s Politics Today on Monday amid growing geopolitical tensions in the Middle East.
According to him, increases in crude oil prices typically lead to higher costs for refined petroleum products such as petrol, diesel, and aviation fuel, with wide-ranging effects on businesses and households.
“While crude oil goes up, we all need to check the impact on our economy. The first thing you see is high inflation, because as crude oil goes up, the cost of PMS, diesel, and Jet-A1 will also follow.
“As that is going on, about nine per cent has already added to the cost of PMS in Nigeria, and by the end of April we project that if the war is not properly managed, it might reach ₦1,000 or more per litre for PMS in Nigeria.
“If PMS reaches ₦1,000, you can imagine what diesel will cost; you can imagine the impact on flight tickets. It will affect the poor, the middle class and, of course, the rich,” he said.
Oil Extends Gains As Iran Conflict Spreads
Oil prices surged during the week as investors monitored developments in the Middle East, where the United States and Israel continued attacks on Iran, while Tehran launched retaliatory strikes across the region.
The attacks have disrupted regional energy flows, particularly around the Strait of Hormuz — a key maritime route through which about one-fifth of global oil supply passes — raising fears of a potential energy crisis that could drive inflation higher.
Although market reactions have remained relatively moderate amid hopes that the crisis will be short-lived, analysts warn that prolonged conflict could have serious implications for the global economy as supply chains are disrupted and energy prices rise.
Iran has reportedly launched missiles and drones across several parts of the Middle East, including Lebanon, Saudi Arabia, Qatar and Dubai, while threatening actions that could drive up global energy costs.
The developments pushed oil prices up by nearly 14 per cent on Monday before slightly easing. European natural gas prices also surged by almost 40 per cent after Qatar’s state-run energy company announced it had halted liquefied natural gas production.
Meanwhile, a general in Iran’s Revolutionary Guards warned that Tehran could target vessels attempting to pass through the Strait of Hormuz.
“We will also attack oil pipelines and will not allow a single drop of oil to leave the region. Oil prices could reach $200 in the coming days,” he warned.
Crude oil prices rose by at least two per cent on Tuesday, with analysts noting that higher energy costs could complicate efforts by central banks to control inflation while also supporting economic growth.
