Long queues are reappearing at selected fuel stations in Lagos as consumers rush to purchase petrol sold below ₦1,000 per litre, following a sharp increase in Premium Motor Spirit (PMS) prices across the state.

A market survey on Saturday morning revealed that private motorists and commercial drivers were lining up at MRS filling stations, particularly along the Ibadan/Lagos Expressway, where petrol was being sold at ₦937 per litre. Other stations along the corridor reported fewer queues, with pump prices exceeding ₦1,000 per litre.

Notably, Eterna Plc has raised its pump price to ₦1,040, while North West Capital Oil and Fatgbems adjusted theirs to ₦1,030 per litre. Mobil stations recorded a slightly lower price at ₦1,025 per litre.

Despite the scramble for petrol, a few stations, including the Nigerian National Petroleum Company (NNPC) Limited, remained closed. The NNPC station at OPIC Estate was shut as of 7:00 AM on Saturday, though it was unclear whether the closure resulted from product shortages or other operational issues.

Similarly, some TotalEnergies stations along the Expressway were not dispensing fuel, while others recorded only a handful of customers.

The recent price escalation follows a surge in global crude oil prices, which crossed the $80 per barrel threshold earlier this week.

Dangote Petroleum Refinery & Petrochemicals had earlier increased its ex-depot price of petrol from ₦774 to ₦874 per litre, marking a ₦100 hike, as reported on Tuesday.

Economist Paul Alaje, Chief Economist at SPM Professionals, had previously warned that petrol prices in Nigeria could reach ₦1,000 per litre if the ongoing geopolitical tensions involving the United States, Israel, and Iran were not contained. Speaking on Channels Television’s Politics Today, Alaje noted that rising crude prices typically translate into higher costs for petrol, diesel, and aviation fuel, with significant implications for households and businesses.

“While crude oil goes up, we all need to check the impact on our economy. As crude oil rises, the cost of PMS, diesel, and Jet-A1 will follow. Already, PMS prices have climbed by around nine percent, and by the end of April, if the conflict is unresolved, prices may surpass ₦1,000,” he said.

Global oil markets reacted sharply as tensions in the Middle East intensified. Military strikes by the United States and Israel on Iranian facilities, followed by retaliatory missile and drone attacks from Tehran, have disrupted regional energy flows. The closure of the strategic Strait of Hormuz, a critical artery for global oil trade, has further stoked fears of an energy crunch.

Oil prices surged nearly 14 percent at the start of the week, while European natural gas prices spiked almost 40 percent following production halts by Qatar’s state-run energy firm.

Iran’s Revolutionary Guards warned of further attacks, threatening to target oil pipelines and “burn any ship” attempting to traverse the Strait of Hormuz. Analysts warned that continued escalation could exert additional pressure on global inflation and complicate monetary policy for central banks.

For Nigerian consumers, the domestic impact is immediate. Rising PMS prices not only inflate transportation costs but also cascade into higher prices for goods and services, affecting both the poor and middle class.

Economists warn that unless geopolitical tensions ease and crude supply stabilises, Lagos and other major Nigerian cities are likely to experience persistent fuel scarcity and extended queues in the coming weeks.

For now, consumers continue to hunt for petrol sold below ₦1,000 per litre, while stations adjust prices in response to both global oil market volatility and local supply constraints.