Motorists across Lagos and other major Nigerian cities are once again facing long queues at filling stations, following a sharp increase in petrol prices. Premium Motor Spirit (PMS), commonly known as petrol, has now crossed the N1,000 per litre mark in multiple retail outlets, intensifying concerns about fuel affordability.
BusinessDay’s market survey on Saturday revealed that most stations on both the Lagos mainland and island have adjusted their pump prices upward, prompting motorists to rush for fuel at lower rates before further hikes.
Brandspur Banking News Desk reports that MRS stations along the Lagos–Ibadan Expressway were selling PMS at approximately N937 per litre, while Eterna Plc outlets set prices at around N1,040 per litre. North West Petroleum & Gas Company Limited and Fatgbems Petroleum Company Limited raised prices to roughly N1,030 per litre, and Mobil-branded stations sold slightly lower at N1,025 per litre.
The situation was compounded by closures at some NNPC Limited stations in the early hours of the morning, leaving motorists uncertain about fuel availability. Notably, the NNPC station at OPIC Estate remained shut as of 7:00 a.m., though it was unclear if this was due to supply shortages or operational reasons. Other NNPC retail stations at Iwaya, Bariga, and parts of Ikoyi were selling petrol at N1,050 per litre by noon.
The surge in retail prices follows a recent adjustment at Dangote Petroleum Refinery, which increased the ex-depot price of petrol from N774 to N874 per litre earlier this week. Energy analysts warn that rising global crude oil prices, which recently topped $80 per barrel amid escalating tensions in the Middle East, are likely to keep domestic fuel prices elevated.
Paul Alaje, chief economist at SPM Professionals, explained, “As crude oil prices rise, the cost of PMS, diesel, and Jet-A1 will also follow. About nine percent has already added more cost for PMS in Nigeria, and by the end of April, if the geopolitical conflict is not properly managed, pump prices could reach N1,000 or more.”
The current Middle East conflict, involving the United States, Israel, and Iran, has disrupted regional energy flows, pushing global crude prices up nearly 14 percent earlier this week. Analysts caution that continued tensions could further inflate fuel costs, creating additional inflationary pressure both locally and globally.
The developments highlight Nigeria’s downstream market vulnerability to international oil price shocks and underscore the urgent need for effective fuel supply management to prevent severe disruptions and rising living costs.
