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Queues Resurface At MRS As Marketers Hike Petrol Above ₦1,000 Per Litre

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Long queues are beginning to build up at MRS filling stations where Premium Motor Spirit (PMS), also known as petrol, is sold below ₦1,000 per litre, as consumers rush in search of cheaper fuel.

A market survey conducted on Saturday morning revealed that private car owners and commercial bus drivers are starting to form long lines at MRS stations, especially along the Ibadan–Lagos Expressway, where petrol is currently sold at ₦937 per litre.

Other stations along the same axis, however, do not have as many queues as the MRS station at Alapere, as most have increased pump prices above ₦1,000.

While Eterna Plc has hiked its price to ₦1,040 per litre, North West Capital Oil and Fatgbems have also adjusted their prices to ₦1,030 per litre, with Mobil stations selling slightly lower at ₦1,025 per litre.

Despite the rush for petrol, a few stations, including those operated by the Nigerian National Petroleum Company (NNPC) Limited, have shut their gates against buyers.

The state oil company’s station at OPIC Estate remained shut as of 7:00 a.m. on Saturday. It could not be ascertained whether the closure was due to product shortages or other reasons.

Also, some TotalEnergies stations along the expressway were not selling fuel as of the time of filing this report, while others recorded only a few buyers waiting at their gates.

The development followed a sharp surge in global crude oil prices above the $80 per barrel threshold earlier in the week.

Reports emerged on Tuesday that Dangote Petroleum Refinery & Petrochemicals had increased the ex-depot price of petrol from ₦774 to ₦874 per litre, representing a ₦100 hike.

Dangote’s price hike followed a warning on Monday by economist Paul Alaje that petrol prices in Nigeria could climb to about ₦1,000 per litre if the ongoing conflict involving the United States, Israel, and Iran was not effectively managed.

Alaje, who is the Chief Economist at SPM Professionals, spoke on Channels Television’s Politics Today amid escalating geopolitical tensions in the Middle East.

According to him, increases in crude oil prices typically translate into higher costs for refined petroleum products such as petrol, diesel, and aviation fuel, with wide implications for businesses and households.

“While crude oil goes up, we all need to check the impact on our economy. The first thing you see is high inflation, because as crude oil rises, the cost of PMS, diesel, and Jet-A1 will also follow.

“As that is going on, about nine per cent has already been added to the cost of PMS in Nigeria, and by the end of April, we project that if the war is not properly managed, it might rise to ₦1,000 or more for PMS in Nigeria.

“If PMS is ₦1,000, you can imagine what diesel will be; you can imagine what flight tickets will be. It will affect the poor, the middle class and, of course, the rich,” the economist said.

Oil prices surged during the week as investors monitored developments in the Middle East, where the United States and Israel continued to bombard Iran while Tehran launched further strikes on neighbouring countries.

The attacks on the Islamic Republic have disrupted regional energy flows, with the crucial Strait of Hormuz — through which about a fifth of global oil passes — effectively closed off. The conflict has also fuelled fears of a fresh energy crisis that could further drive inflation.

Market movements, however, have remained comparatively mild amid hopes that the crisis will be short-lived and will not cause major disruption to the global economy.

But analysts warn that the longer the conflict persists, the more damaging it could become for the global economy as supply chains are disrupted and prices surge.

Iran has responded by launching missiles and drones across the Middle East, including in Lebanon, Saudi Arabia, Qatar, and Dubai, while explicitly threatening to drive up global energy costs.

This pushed oil prices up nearly 14 per cent on Monday before slightly easing, while European natural gas prices spiked by almost 40 per cent after Qatar’s state-run energy firm announced it had halted liquefied natural gas production.

Meanwhile, a general in Iran’s Revolutionary Guards threatened to “burn any ship” attempting to navigate the Strait of Hormuz.

“We will also attack oil pipelines and will not allow a single drop of oil to leave the region. Oil prices will reach $200 in the coming days,” he warned.

Crude prices also rose by at least two per cent on Tuesday, as analysts say the rise in energy costs could pose a challenge for central bankers trying to bring down inflation while also cutting interest rates to support their economies.

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Lagos Residents Protest Unreliable Power Supply, Demand Immediate Action

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Residents of Lagos on Friday took to the streets to express their frustration over persistent electricity outages, condemning the state’s power supply as “epileptic” and unsustainable for daily life and business activities.

A video circulating on social media showed dozens of mainly young protesters marching through the Fadeyi area, holding placards and chanting for a consistent electricity supply.

The demonstrators criticised what they described as the collapse of the nation’s power sector, stressing that erratic electricity is undermining livelihoods and making life increasingly difficult across Lagos.

Placards displayed messages such as “No More Estimated Billing,” “No More Epileptic Power Supply,” “No Light, No Life, No Nation,” and “You’re Destroying Businesses; Give Us Regular Light.”

One protester declared, “We are not asking for too much. Give us light!”

Local business owners also highlighted the severe impact of inconsistent power supply on their operations, noting that reliance on fuel-powered generators has significantly increased operating costs.

A shop owner at the protest lamented: “We cannot continue like this. Every day we spend money on fuel because there is no electricity. Many small businesses are closing because they cannot cope.”

The demonstration underscores growing public dissatisfaction with electricity supply in Lagos, as residents call on authorities and power operators to ensure a stable and reliable power supply.

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Tinubu Mourns Former Super Eagles Coach Festus Onigbinde

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President Bola Ahmed Tinubu has expressed deep sorrow over the death of former Super Eagles head coach, Festus Adegboye Onigbinde, who passed away on Monday at the age of 88.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President extended his condolences to the late coach’s family, associates, and the entire Nigerian football community.

Tinubu also sympathised with the Nigeria Football Federation (NFF), the National Sports Commission, professional colleagues, and football fans across the country over the loss of the respected football administrator.

The President described Onigbinde as a trailblazer whose contributions significantly advanced the growth and development of football in Nigeria.

He noted that the late coach made history as the first indigenous coach of the Super Eagles in 1982, praising his leadership and dedication to the sport.

“Chief Onigbinde distinguished himself as the first indigenous coach of the Super Eagles in 1982,” the statement said.

Tinubu further highlighted Onigbinde’s role in guiding Nigeria to the final of the 1984 Africa Cup of Nations, describing the achievement as a landmark moment in the country’s football history.

The President also commended the late Modakeke High Chief for his commitment to grassroots football and his efforts to strengthen football administration in Nigeria.

He said Onigbinde would be remembered for his discipline, integrity, foresight, and passion for the game.

Tinubu prayed for the repose of the late football icon and asked God to grant comfort to his family and loved ones during this difficult time.

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Again, Dangote Refinery Hikes Petrol To ₦1,175/Litre, Diesel To ₦1,620/Litre — Report

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Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), also known as petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The increases coincide with a sharp rise in international crude oil benchmarks as of 1:00 pm WAT: Brent crude at $102.8 (+10.91%) and WTI crude at $101.0 (+11.08%), driven by the Middle East energy crisis.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices surged by 30 per cent on Monday on fears over supply disruptions in the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of easing.

Concerns that the conflict could drag on intensified after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added over the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI has risen by more than 75 per cent, while Brent has increased by over 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, forcing a US-run oilfield to cease production. Meanwhile, the United Arab Emirates and Kuwait have begun reducing output.

This comes as maritime traffic in the Strait of Hormuz — through which about one-fifth of global crude oil and gas supplies pass — has been halted since the war began on February 28.

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