Long queues have started appearing at some filling stations as motorists rush to buy cheaper petrol amid rising pump prices across Nigeria.
Many consumers were seen lining up at stations operated by MRS Oil Nigeria where petrol is currently selling for about ₦937 per litre, making it one of the few outlets offering prices below ₦1,000.
The rush was particularly noticeable along the Ibadan-Lagos Expressway where private vehicle owners and commercial drivers gathered early in the morning hoping to purchase the product at a lower price.
A market survey showed that several other filling stations in the same area have already increased their pump prices above the ₦1,000 mark.
Eterna Plc reportedly raised its petrol price to about ₦1,040 per litre, while North West Petroleum and Fatgbems Group adjusted their prices to roughly ₦1,030 per litre.
Some outlets operated by Mobil were selling slightly lower at around ₦1,025 per litre.
Despite the growing demand, a few stations were not dispensing fuel as of early Saturday morning.
One of the retail outlets operated by Nigerian National Petroleum Company Limited located near OPIC Estate was observed to be closed, although the reason for the shutdown was unclear.
Similarly, several stations belonging to TotalEnergies along the expressway were either shut or had very few customers at their gates.
The latest surge in petrol prices follows a sharp increase in global crude oil prices, which climbed above the $80 per barrel mark earlier in the week.
Industry reports also indicated that Dangote Petroleum Refinery recently increased its ex-depot petrol price from ₦774 to about ₦874 per litre, representing a ₦100 rise.
Energy economist Paul Alaje had earlier warned that petrol prices in Nigeria could climb to ₦1,000 or more if geopolitical tensions in the Middle East continue to push crude oil prices upward.
According to him, rising crude oil prices usually translate into higher costs for refined petroleum products including petrol, diesel, and aviation fuel.
He explained that the increase could trigger wider economic consequences such as higher inflation and increased transportation costs for businesses and households.
The surge in global oil prices has been linked to escalating tensions involving the United States, Israel, and Iran.
Analysts warn that continued conflict in the region could disrupt global energy supply, especially around the strategic Strait of Hormuz, a key route for international oil shipments.
Experts say prolonged instability in the region could push energy prices even higher and place additional pressure on economies around the world.
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