The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has surged to ₦1,000 per litre and above across several parts of the country, sparking the reemergence of long fuel queues in major cities.
According to a report by Daily Trust, this marks the first time since April that petrol prices have crossed the ₦1,000 threshold, after remaining below ₦900 for several months. Motorists and commuters across Lagos, Abuja, Kano, Port Harcourt, and other cities on Wednesday reported sharp increases in pump prices, with independent marketers selling between ₦980 and ₦1,200 per litre, depending on location.
The sudden price hike has triggered panic buying and long queues at many filling stations, as several outlets either ration supply or shut down operations entirely. Transport fares have also begun to rise in major urban centres, compounding the hardship faced by Nigerians amid rising inflation and a high cost of living.
Industry sources attribute the development to supply constraints, foreign exchange volatility, and increased landing costs, which have pressured petroleum marketers. Some insiders also cite delays in importation and rising global crude oil prices as key factors driving the increase.
Despite the growing public concern, the Nigerian National Petroleum Company Limited (NNPC Ltd.) is yet to issue an official statement on the situation. However, government officials have in recent weeks assured citizens that efforts are ongoing to stabilize fuel supply and reduce the cost of imported products as local refining capacity improves.
As of Thursday morning, queues persisted at major fuel stations in Lagos, Abuja, and other state capitals, with commuters calling on the Federal Government to urgently address the worsening situation.