Petrol Price Surge: Queues Reappear As Drivers Flock To MRS Stations Selling PMS Below ₦1,000

A market survey carried out on Saturday morning showed that both private vehicle owners and commercial drivers gathered in large numbers at filling stations selling petrol at relatively lower prices. Many of the motorists were seen lining up at stations operated by MRS Oil Nigeria Plc, particularly along the Ibadan–Lagos Expressway, where the product was being dispensed at about ₦937 per litre.

The rush for cheaper fuel comes amid a fresh wave of price adjustments by several petroleum marketers following an increase in global crude oil prices and a recent upward review of ex-depot prices by the Dangote Petroleum Refinery.

According to Ireporter Online, observations revealed that while large crowds of motorists thronged MRS stations selling at ₦937 per litre, several other filling stations within the same corridor had already raised their pump prices above the ₦1,000 mark.

For example, petrol was reportedly sold at ₦1,040 per litre at stations operated by Eterna Plc. Similarly, Northwest Petroleum & Gas Company Limited and Fatgbems Group adjusted their pump prices to about ₦1,030 per litre.

At Mobil filling stations, the product was slightly cheaper but still above ₦1,000 per litre, with petrol selling for around ₦1,025.

Despite the general price increase across many outlets, the demand for lower-priced fuel remained high, with especially long queues recorded at the MRS station located in Alapere, where motorists waited in extended lines to purchase petrol.

Meanwhile, some filling stations were not dispensing fuel despite the growing demand. A station operated by the Nigerian National Petroleum Company Limited at OPIC Estate remained closed as of about 7:00 a.m. on Saturday, although it could not be confirmed whether the shutdown was due to product shortages or operational challenges.

Some outlets belonging to TotalEnergies along the expressway were also observed not dispensing fuel at the time of filing the report, while a few others recorded only minimal patronage.

Industry observers note that the recent surge in pump prices followed reports earlier in the week indicating that the Dangote Petroleum Refinery had raised its ex-depot price of petrol from ₦774 to ₦874 per litre, representing a ₦100 increase. The development has since triggered a chain reaction among downstream marketers across the country.

The price adjustment also coincided with a rise in global crude oil prices, which climbed above the $80 per barrel threshold during the week.

Economic analysts have warned that petrol prices in Nigeria could climb even higher if current global tensions persist. Economist Paul Alaje, Chief Economist at SPM Professionals, recently cautioned that the cost of PMS could soon exceed ₦1,000 per litre should geopolitical conflicts in the Middle East continue to escalate.

Speaking during a television programme, Alaje explained that rising crude oil prices often lead to increased costs for refined petroleum products such as petrol, diesel, and aviation fuel.

He noted that higher oil prices typically trigger inflationary pressures in the economy, adding that recent developments had already increased the cost of PMS in Nigeria by about nine per cent. According to him, if the situation remains unresolved, petrol prices could surpass the ₦1,000 mark before the end of April.

Alaje further warned that such increases would have widespread economic consequences, affecting transportation costs, flight ticket prices, and the overall cost of living for Nigerians across different income levels.

The surge in global oil prices has been largely driven by growing tensions in the Middle East following military confrontations involving the United States, Israel, and Iran. The conflict has raised concerns about potential disruptions to energy supplies, particularly around the strategic Strait of Hormuz, a key shipping route through which nearly one-fifth of the world’s oil supply passes.

The situation has heightened fears of a possible global energy shock capable of pushing inflation higher across many economies.

Reports indicate that global oil prices surged by nearly 14 per cent earlier in the week before easing slightly, while European natural gas prices jumped by almost 40 per cent after Qatar’s state-run energy company halted the production of liquefied natural gas.

Amid the escalating tensions, a senior official of Iran’s Islamic Revolutionary Guard Corps reportedly warned that energy infrastructure could become a target in the conflict, suggesting that oil exports from the region could be disrupted and potentially drive crude prices as high as $200 per barrel in the coming days.