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Petrol Price Jump: Drivers Rush To MRS Stations Offering Cheap Fuel.
Long queues have returned at filling stations selling cheaper petrol, as motorists rush to buy Premium Motor Spirit (PMS) below ₦1,000 per litre.....KINDLY READ THE FULL STORY HERE▶
A market survey on Saturday morning revealed that private car owners and commercial drivers thronged MRS Oil Nigeria Plc stations, particularly along the Ibadan–Lagos Expressway, where petrol was being sold at ₦937 per litre.
The surge in demand comes amid a fresh increase in petrol prices by several marketers, driven by rising global crude oil prices and a recent ex-depot price adjustment by Dangote Petroleum Refinery.
Checks by Channels Television showed that while motorists queued at MRS stations selling at ₦937, many other stations along the corridor had raised pump prices above ₦1,000. For example, Eterna Plc sold petrol at ₦1,040 per litre, while Northwest Petroleum & Gas Company and Fatgbems Group set prices at ₦1,030 per litre. Mobil stations charged slightly less but still above ₦1,000, at ₦1,025 per litre.
Queues were particularly long at the MRS station in Alapere, while some stations remained closed despite the high demand. A NNPC station at OPIC Estate was shut as of 7:00 a.m., though it was unclear whether this was due to a shortage or operational issues. Some TotalEnergies outlets along the expressway were also not dispensing fuel, while others recorded only a few customers.
The price increases follow Dangote Petroleum Refinery’s announcement earlier in the week that its ex-depot price of petrol had risen from ₦774 to ₦874 per litre, a ₦100 increase. The adjustment has prompted downstream marketers nationwide to revise their pump prices.
The hike coincides with rising global crude oil prices, which surpassed $80 per barrel during the week. Paul Alaje, Chief Economist at SPM Professionals, warned that Nigerian petrol prices could soon exceed ₦1,000 per litre if geopolitical tensions in the Middle East persist. Speaking on Channels Television’s Politics Today, Alaje said that rising crude costs translate directly into higher prices for petrol, diesel, and aviation fuel.
“Higher crude prices push up PMS costs, trigger inflation, and affect all sectors of the economy,” he said. “By the end of April, if the Middle East conflict continues, PMS may surpass ₦1,000 in Nigeria. Diesel, flight tickets, and daily expenses will all be impacted, affecting everyone from the poor to the wealthy.”
Global oil markets surged during the week as investors tracked escalating tensions in the Middle East, particularly following military clashes involving the US, Israel, and Iran. Energy flows were disrupted around the Strait of Hormuz, a key shipping route that handles nearly one-fifth of global oil supplies.
Oil prices jumped nearly 14% at the start of the week before easing slightly, while European natural gas prices soared almost 40% after Qatar’s state-run LNG company halted production. Amid the crisis, a general in Iran’s Islamic Revolutionary Guard Corps threatened further attacks on energy infrastructure, warning: “We will target oil pipelines and will not allow a single drop of oil to leave the region. Oil prices will reach $200 in the coming days.”
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