Motorists are beginning to form long queues at filling stations selling petrol below ₦1,000 per litre, as consumers rush to buy the product at relatively cheaper rates.
A market survey conducted on Saturday morning showed that both private vehicle owners and commercial drivers crowded some MRS filling stations, particularly along the Ibadan–Lagos Expressway, where Premium Motor Spirit (PMS) was being sold for about ₦937 per litre.
The rush for cheaper petrol has led to noticeable queues at these stations, while many other fuel outlets along the same corridor have recorded fewer customers after adjusting their pump prices upward.
Several stations have already increased their prices above the ₦1,000 mark. Eterna Plc now sells petrol at ₦1,040 per litre, while North West Capital Oil and Fatgbems have adjusted their prices to ₦1,030 per litre. Mobil stations in the area are offering the product at slightly lower rates of about ₦1,025 per litre.
Despite the heightened demand, some stations were not dispensing fuel as of Saturday morning. A station operated by the Nigerian National Petroleum Company (NNPC) Limited at OPIC Estate remained closed to customers around 7:00 a.m., although it was unclear whether the closure was due to supply shortages or other operational reasons.
Similarly, a number of TotalEnergies stations along the expressway were not selling petrol at the time of observation, while others had only a few motorists waiting.
Rising Global Oil Prices
The situation comes amid rising global crude oil prices, which recently climbed above $80 per barrel earlier in the week.
Industry reports also indicated that Dangote Petroleum Refinery increased its ex-depot price of petrol from ₦774 to ₦874 per litre, representing a ₦100 increase.
Economist Paul Alaje had earlier warned that petrol prices in Nigeria could rise to around ₦1,000 per litre if the ongoing geopolitical tensions involving the United States, Israel, and Iran continue to escalate.
The developments suggest that fuel prices in Nigeria may remain volatile in the coming weeks as global market conditions continue to influence domestic supply and pricing.
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