Middle East Tensions Push Oil to $84 as Petrol Hits ₦1,000, Fuel Queues Return Across Nigeria
By Comfort Chukwukelue
Rising geopolitical tensions in the Middle East have triggered a surge in global crude oil prices, pushing petrol prices above ₦1,000 per litre in parts of Nigeria and causing fresh fuel queues at several filling stations.
Global oil prices climbed to about $84 per barrel amid escalating tensions involving the United States, Iran and Israel, raising fears of disruptions to global oil supply.
The development has already begun to impact Nigeria’s downstream market after the Dangote Petroleum Refinery increased its ex-depot price of Premium Motor Spirit (PMS) from ₦774 to ₦874 per litre earlier this week.
A market survey on Saturday showed that several fuel marketers have adjusted their pump prices above ₦1,000 per litre, triggering a rush by motorists to stations selling at relatively lower prices.
Long queues were observed at MRS stations along the Ibadan–Lagos Expressway where petrol was selling at about ₦937 per litre. However, other stations along the corridor have raised their prices significantly, with Eterna Plc selling at ₦1,040 per litre while North West Capital Oil and Fatgbems adjusted their prices to ₦1,030 per litre. Mobil stations were selling at about ₦1,025 per litre.
Despite the rush for petrol, some outlets belonging to the Nigerian National Petroleum Company Limited remained closed as of Saturday morning. The NNPC station at OPIC Estate had shut its gates as of 7:00 a.m., although the reason for the closure could not immediately be confirmed.
Commercial drivers say the rising fuel price is making daily operations increasingly difficult.
“We are the ones people blame for increasing fares, but they don’t realise how much we now spend on petrol. If we buy fuel at over ₦1,000 per litre, we have no choice but to adjust our fares,” said a driver, Sulaiman Adeyemi.
Another motorist, Funke Oladipo, said she had spent hours searching for fuel.
“I have been driving around since morning with my jerry can looking for where to buy petrol. Some stations that opened earlier have already closed their gates. It is becoming very frustrating,” she said.
Energy analysts warn that petrol prices could rise further if global crude oil prices continue to climb amid the ongoing geopolitical tensions.
