Fuel Queues Reappear in Lagos as Petrol Price Climbs Above ₦1,000 per Litre

Fuel queues have begun resurfacing in Lagos as motorists scramble to buy petrol from stations selling below ₦1,000 per litre.
A market survey conducted on Saturday morning showed that long lines were forming at MRS filling stations, where Premium Motor Spirit (PMS) is currently sold at relatively lower prices.

Private vehicle owners and commercial bus drivers were seen queuing, particularly at stations located along the Ibadan–Lagos Expressway, where petrol is being sold at about ₦937 per litre.
Other filling stations along the same route recorded fewer queues, as most have raised their pump prices to above ₦1,000 per litre. The MRS station at Alapere, however, witnessed significant patronage compared to others in the area.
Meanwhile, Eterna Plc has increased its pump price to ₦1,040 per litre. North West Capital Oil and Fatgbems have also adjusted their prices to ₦1,030 per litre, while Mobil stations are selling at around ₦1,025 per litre.
Despite the rush for petrol, some stations, including those operated by the Nigerian National Petroleum Company (NNPC) Limited, were not dispensing fuel. The NNPC station at OPIC Estate remained closed as of 7:00 a.m. on Saturday, although it was unclear whether the closure was due to product shortage or other reasons.
Similarly, several TotalEnergies stations along the expressway were not selling fuel at the time of this report, while a few others had only a small number of motorists waiting outside.
International Influence
The development follows a sharp rise in global crude oil prices, which climbed above $80 per barrel earlier in the week.
Reports indicated on Tuesday that Dangote Petroleum Refinery & Petrochemicals had increased the ex-depot price of petrol from ₦774 to ₦874 per litre, representing a ₦100 increase.
The adjustment came shortly after economist Paul Alaje warned that petrol prices in Nigeria could rise to around ₦1,000 per litre if the ongoing conflict involving the United States, Israel, and Iran continued to escalate.
Alaje, the Chief Economist at SPM Professionals, made the remarks during an appearance on Channels Television’s Politics Today, where he spoke on the implications of rising geopolitical tensions in the Middle East.
According to him, increases in crude oil prices typically lead to higher costs for refined petroleum products such as petrol, diesel, and aviation fuel, with significant effects on businesses and households.
“Whenever crude oil prices increase, the impact is felt across the economy. One of the immediate effects is higher inflation because the cost of PMS, diesel, and Jet-A1 will also rise.
“About nine per cent additional cost has already been recorded for PMS in Nigeria, and by the end of April, if the war is not properly managed, petrol could exceed ₦1,000 per litre.
“If PMS reaches ₦1,000, you can imagine the implications for diesel and even flight tickets. It will affect the poor, the middle class, and the wealthy,” he said.
Oil Extends Gains as Iran Conflict Spreads
Oil prices surged during the week as investors monitored developments in the Middle East, where the United States and Israel continued attacks on Iran while Tehran launched retaliatory strikes on neighbouring countries.
The attacks have disrupted regional energy flows, particularly around the Strait of Hormuz, a crucial route through which about one-fifth of global oil supply passes. The disruption has raised concerns about a potential energy crisis that could worsen global inflation.
So far, market reactions have remained relatively moderate, with hopes that the crisis may be short-lived and avoid causing a major shock to the global economy.
However, analysts warn that if the conflict persists, it could significantly affect global supply chains and drive energy prices even higher.
Iran has reportedly launched missiles and drones across parts of the Middle East, including Lebanon, Saudi Arabia, Qatar, and Dubai, while also threatening actions that could push global energy prices further upward.
The tensions pushed oil prices up by nearly 14 per cent on Monday before easing slightly. At the same time, European natural gas prices jumped almost 40 per cent after Qatar’s state-run energy company announced a suspension of liquefied natural gas production.
Meanwhile, a commander in Iran’s Revolutionary Guards warned that Iran could target vessels attempting to pass through the Strait of Hormuz.
“We will also attack oil pipelines and will not allow a single drop of oil to leave the region. Oil prices could reach $200 in the coming days,” he warned.
Crude oil prices also rose by at least two per cent on Tuesday. Analysts say the surge in energy costs could create additional challenges for central banks as they attempt to curb inflation while also lowering interest rates to stimulate economic growth.