Motorists Queue for Cheaper Petrol Amid Price Hikes

A resurgence of long queues at MRS Oil Nigeria Plc stations has been observed as motorists scramble to purchase petrol priced below ₦1,000 per litre, specifically at ₦937 per litre. This situation arises amid significant market fluctuations following a rise in global crude oil prices, which have recently exceeded $80 per barrel.

Other fuel stations, such as Eterna Plc and Mobil, have adjusted their prices above ₦1,000 per litre, with Eterna selling at ₦1,040 and Mobil at ₦1,025 per litre. The increase in petrol prices follows a 100% adjustment in the ex-depot price by Dangote Petroleum Refinery, which now stands at ₦774.874 per litre.

Paul Alaj, Chief Economist at SPM Professionals, warned that petrol prices in Nigeria could soon exceed ₦1,000 per litre due to ongoing geopolitical tensions in the Middle East, which are impacting global energy supply. The situation has led to some stations, including those operated by the Nigerian National Petroleum Company, remaining closed despite high demand.