A market survey carried out on Saturday morning showed large crowds of motorists—including private vehicle owners and commercial drivers—at MRS Oil Nigeria Plc stations, particularly along the Ibadan–Lagos Expressway, where petrol was selling for ₦937 per litre.
The rush follows a fresh increase in petrol prices by several marketers, driven by rising global crude oil prices and a recent upward adjustment by the Dangote Petroleum Refinery.
According to a report by Channels Television, while MRS stations selling at ₦937 per litre were packed with customers, many other filling stations along the same route had already raised their pump prices above ₦1,000 per litre.
For example, Eterna Plc was selling petrol at ₦1,040 per litre. Likewise, Northwest Petroleum & Gas Company Limited and Fatgbems Group increased their pump prices to ₦1,030 per litre. At Mobil stations, petrol was slightly lower but still above ₦1,000, selling at ₦1,025 per litre.
Queues were particularly long at the MRS station in Alapere, where motorists lined up in extended rows waiting to purchase fuel.
Meanwhile, some filling stations remained closed despite the rising demand. A station operated by the Nigerian National Petroleum Company Limited (NNPCL) at OPIC Estate was shut as of 7:00 a.m. on Saturday. It was unclear whether the closure was due to a shortage of fuel or operational challenges.
Some TotalEnergies outlets along the expressway were also not dispensing petrol at the time of filing this report, while a few others had only a handful of vehicles waiting.
The increase in pump prices comes after reports earlier in the week that the Dangote Refinery raised its ex-depot price of petrol from ₦774 to ₦874 per litre—a ₦100 increase. The adjustment has prompted downstream marketers across the country to review their prices.
The development also coincides with rising global crude oil prices, which crossed the $80 per barrel mark during the week.
Economist Paul Alaje, Chief Economist at SPM Professionals, had earlier warned that petrol prices in Nigeria could exceed ₦1,000 per litre if geopolitical tensions in the Middle East persist.
Speaking on Channels Television’s Politics Today, Alaje explained that increases in crude oil prices typically lead to higher costs for refined petroleum products such as petrol, diesel and aviation fuel.
“While crude oil prices rise, we must consider the impact on our economy,” he said.
“The immediate effect is higher inflation because increases in crude oil prices also push up the cost of PMS, diesel and Jet-A1.”
He added that petrol prices had already increased by about nine per cent and warned that if the ongoing conflict is not resolved, prices could surpass ₦1,000 per litre by the end of April.
“If PMS reaches ₦1,000, you can imagine what diesel and flight ticket prices will become. It will affect everyone—the poor, the middle class and the wealthy,” he said.
Global oil prices surged during the week as investors reacted to escalating tensions in the Middle East involving the United States, Israel and Iran.
The conflict has disrupted energy flows around the strategic Strait of Hormuz, a key shipping route responsible for nearly one-fifth of the world’s oil supply.
The crisis has also raised concerns about a potential global energy shock that could push inflation higher worldwide.
Reports indicate that oil prices initially jumped by nearly 14 per cent earlier in the week before easing slightly. At the same time, European natural gas prices rose by almost 40 per cent after Qatar’s state-run energy company halted liquefied natural gas production.
Amid the rising tensions, a general from the Islamic Revolutionary Guard Corps (IRGC) threatened further attacks on energy infrastructure.
“We will also target oil pipelines and will not allow a single drop of oil to leave the region. Oil prices could reach $200 in the coming days,” the official warned.
