Long queues are beginning to build across filling stations in Lagos and environs, where Premium Motor Spirit (PMS), also known as petrol, is still selling below N1,000 per litre, as motorists rush to secure cheaper fuel.
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Market surveys on Saturday morning showed that petrol prices across retail outlets on the Lagos mainland and island were above N1,000 per litre, leading to queues after the price increase.
Private car owners and commercial drivers are seen forming long lines at MRS stations, particularly along the Lagos–Ibadan Expressway, where petrol was selling at about N937 per litre.
Stations operated by Eterna Plc increased prices to about N1,040 per litre, while North West Petroleum & Gas Company Limited and Fatgbems Petroleum Company Limited adjusted pump prices to around N1,030 per litre. Retail outlets under the Mobil brand sold slightly lower at roughly N1,025 per litre.
Despite the rush for fuel, some filling stations, including those operated by NNPC Limited, were not dispensing petrol as of early Saturday.
The state oil company’s station at OPIC Estate remained shut as of 7:00 a.m., although it was unclear whether the closure was due to product shortages or operational reasons.
However, NNPC retail stations at Iwaya, Bariga and some parts of Ikoyi had their pump price at N1,050 per litre as at 12pm Saturday noon.
Some TotalEnergies stations along the expressway were also not selling petrol at the time of the report, while others had only a few motorists waiting.
The development comes days after global crude oil prices surged above $80 per barrel, triggering adjustments across Nigeria’s downstream market.
Earlier in the week, Dangote Petroleum Refinery raised the ex-depot price of petrol from N774 to N874 per litre, a N100 increase that has begun to ripple through retail pump prices.
However, the refinery recently raised its ex-depot price to N995 per litre from N874 in response to rising crude oil prices on the global market.
As of the time of the report, Brent crude was trading at about $92.69 per barrel amid growing concerns over possible supply disruptions linked to escalating tensions in the Middle East.
The spike in global oil prices has been attributed to hostilities involving the United States, Israel and Iran, which analysts say could further tighten global oil supply.
Energy economists warned that the trend could push petrol prices toward N1,000 per litre if global crude prices remain elevated amid rising geopolitical tensions in the Middle East.
Paul Alaje, chief economist at SPM Professionals, said rising crude prices typically translate into higher costs for refined products such as petrol, diesel and aviation fuel.
“As crude oil goes up, the cost of PMS, diesel and Jet-A1 will also follow. About nine percent has already attracted more cost for PMS in Nigeria, and by the end of April, if the conflict is not properly managed, it might reach N1,000 or more,” he said.
Energy analysts warn that if the upward trend in crude prices continues, petrol prices in Nigeria could rise further, potentially approaching N1,100 per litre.
Global oil prices rallied during the week as investors monitored escalating tensions involving the United States, Israel and Iran.
The conflict has disrupted regional energy flows and raised concerns over potential supply shocks, particularly around the Strait of Hormuz, a strategic shipping route through which about one-fifth of the world’s seaborne oil passes.
Iran has launched retaliatory missile and drone strikes across parts of the Middle East, including Lebanon, Saudi Arabia, Qatar and Dubai, while threatening to disrupt global energy supplies.
The escalation pushed crude prices up nearly 14 percent earlier in the week before moderating slightly. European natural gas prices also jumped almost 40 percent after QatarEnergy said it had halted liquefied natural gas production following attacks on its facilities.
Analysts warned that if the conflict persists and supply chains remain disrupted, energy prices could climb further, adding inflationary pressure to economies worldwide and complicating efforts by central banks to stabilise prices.
A market survey across several filling stations in Lagos on Saturday showed that the price of Premium Motor Spirit (PMS), popularly known as petrol, now ranges between N1,020 and N1,080 per litre, depending on the location and the filling station.
The latest increase follows a recent adjustment in the ex-depot price of petrol by the Dangote Refinery, which determines the rate at which fuel marketers purchase the product before selling it to consumers at the pump.
Meanwhile, checks showed that several filling stations have already adjusted pump prices to reflect the new pricing structure.
Reports from Ibadan also indicated that petrol was selling for as high as N1,200 per litre in some areas.
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