News
Queues At MRS As Marketers Increase Petrol Above ₦1,000 Per Litre
The development followed a sharp surge in global crude oil prices above the $80 per barrel threshold earlier in the week.
Long queues are beginning to build up at MRS filling stations where Premium Motor Spirit (PMS) or petrol is sold below ₦1,000 per litre, as consumers hurry in search of cheaper products.
Market survey as of 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, for petrol 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 price to ₦1,040, North West Capital Oil, and Fatgbems also adjusted their prices to ₦1,030 per litre, with Mobil Station’s a bit lower at ₦1,025 per litre.
Despite the rush for petrol, few stations, including the Nigerian National Petroleum Company (NNPC) Limited, have shut their gates against buyers.
The state oil company’s station at OPIC Estate remains shut as of 7:00 AM Saturday. It could not be ascertained whether the move was due to product shortages or otherwise.
Also, some of TotalEnergies stations along the Expressway were not selling product as of the time of filing this report, while others recorded just a few buyers lurking at their gates.
International Influence
The development followed a sharp surge in global crude oil prices above the $80 per barrel threshold earlier in the week.
Reports surfaced 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 was after an economist, Paul Alaje, on Monday, warned 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, appeared on Channels Television’s Politics Today, against the backdrop of 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 broad 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 goes up, the cost of PMS, diesel, and Jet-A1 will also follow.
“As that is going on, about nine per cent has already attracted more cost for PMS in Nigeria, and by the end of April, we project that if the war is not properly managed, it might get to ₦1,000 plus 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 Extends Gains As Iran Conflict Spreads
Oil prices shot up during the week as investors kept tabs on the Middle East as the United States and Israel continued to bombard Iran, while Tehran launched further strikes on neighbours.
The attacks on the Islamic state have upended regional energy flows, with the crucial Strait of Hormuz — through which about a fifth of global oil transits — effectively closed off. The conflicts have also fuelled fears of a fresh energy crisis that could ramp up inflation.
Market moves have been comparatively mild amid hopes that the crisis will be short-lived and not cause a major problem for the global economy.
But analysts warned that the longer it goes on, the more painful it would be on the global economy as supply chains are hit and prices surge.
Iran has responded by unleashing missiles and drones across the Middle East, including Lebanon, Saudi Arabia, Qatar, and Dubai, while explicitly threatening to drive up global energy costs.
That sent oil prices soaring nearly 14 per cent Monday before slightly easing, while European natural gas prices spiked almost 40 per cent after Qatar’s state-run energy firm said it had halted liquefied natural gas production.
Meanwhile, a general in Iran’s Revolutionary Guards threatened to “burn any ship” seeking 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 price will reach $200 in the coming days,” he warned.
Crude rose at least two percent on Tuesday, as analysts say the rise in energy costs could give most central bankers a headache as they look to bring down inflation while also cutting interest rates to support their economies.
Iran slammed a US blockade around its ports on Monday as a “grave violation” of its sovereignty, as Washington and Tehran’s belligerent rhetoric rattled a fragile truce.
“The imposition of a maritime blockade constitutes a grave violation of the sovereignty and territorial integrity of the Islamic Republic of Iran,” Iran’s ambassador to the United Nations Amir Saeid Iravani wrote to UN Secretary General Antonio Guterres, in a letter seen by AFP.
The “unlawful” blockade also “constitutes a serious violation of the fundamental principles of the international law of the sea,” Iravani added.
US President Donald Trump ordered a blockade of ships entering or leaving Iranian ports and coastal areas in the Gulf Sunday, following the failure of peace talks over the weekend, warning that any Iranian attack boats that challenged the blockade would be destroyed.
The blockade came into force at 1400 GMT Monday, despite the United States and Iran agreeing to a two-week ceasefire days earlier, with mediator Pakistan and Gulf state Qatar continuing calls for it to be respected as diplomatic efforts continue.
Guterres on Monday called on “all parties” to respect freedom of navigation in the Strait of Hormuz, after Iran and subsequently the United States blocked passage through the critical waterway.
The strait, through which a fifth of global oil and gas flows, has become a key flashpoint as the US and Iran attempt to gain leverage over each other during ceasefire negotiations.
Iravani said the “unlawful” blockade “poses a grave threat to international peace and security and obviously exacerbates the risk of escalation in an already highly volatile region.”
In a second letter, the UN envoy called on Middle Eastern countries hosting US military bases to “cease their internationally wrongful acts.”
Bahrain, Saudi Arabia, Qatar, the United Arab Emirates and Jordan should pay “compensation for all material and moral damage sustained,” he said.
Former Kaduna State Governor Nasir El-Rufai has distanced himself from recent media reports linking him to certain political aspirations, saying the comments were made without his knowledge or authorisation.
In a statement issued on Tuesday by his Media Adviser, Muyiwa Adekeye, El-Rufai said the remarks had been attributed to an unnamed individual described in media reports as his political associate, and that he had no hand in them.
“Malam Nasir El-Rufai wishes to dissociate himself from comments regarding political aspirations which have been attributed to someone described by the media as a political associate,” the statement read.
“He did not authorise such comments.”
The disclaimer pointedly underscored El-Rufai’s reputation for speaking his mind directly, with the statement noting that he had been known throughout his public life for the frank articulation of his views.
“He is not about to outsource the expression of his political views and thoughts to others,” the statement added, warning that any future communication from the former governor would come directly from him or through his designated spokesperson.
El-Rufai did not identify the associate in question, nor did the statement specify the nature of the political aspirations that had been reported.
However, the swift and emphatic denial suggests the former governor was keen to prevent any impression that the comments reflected his current political thinking or intentions.
JAMB declares readiness for 2026 UTME, urges parents to protest admission violations
The disclaimer comes amid heightened political activity ahead of the 2027 general elections, a period in which the positions and affiliations of prominent political figures are under intense media and public scrutiny.
El-Rufai, a former Minister of the Federal Capital Territory and two-term governor of Kaduna State, remains one of the most closely watched political figures in northern Nigeria.
His next political move — including which party platform he may adopt ahead of 2027 — has been a subject of widespread speculation.
The Yobe State Police Command said its operatives have arrested three suspected vandals involved in the destruction and theft of transformer components belonging to Yobe State Television at Garin Alkali Booster Station.
The Command, through its Public Relations Officer, SP Dungus Abdulkarim, disclosed this in a statement issued on Tuesday in Damaturu.
According to the Command, the arrest was made on April 14, 2026, by its operatives stationed in Garin Alkali while acting on credible intelligence.
“The arrested suspects are Muhammad Auwali, a.k.a. Aburare, 51, Inusa Lawan, 53, and Hassan Ibrahim, 27, all of Bursari and Gashua axis, Bade LGA. One accomplice identified as Ozu, is currently at large.
“Preliminary investigation revealed that the suspects criminally conspired and vandalised a transformer located at the YTV Booster Station, Garin Alkali, Bursari LGA.
“The suspects dismantled the transformer and sold part of the metal components”, it said.
The Command added that upon interrogation, the suspects confessed to the crime and admitted to selling some of the vandalised transformer parts to Hassan Ibrahim for the sum of N250,000, out of which N150,000 had already been paid.
“Investigation is in progress, after which the suspects will be charged in court for prosecution”, the police command said.
Commissioner of Police Usman Kamfani Jibrin, in the statement, warned scrap metal dealers against purchasing suspected stolen items and urged them to cooperate with security agencies in protecting critical public infrastructure.
He stressed that anyone found involved in such unlawful activities will be dealt with in accordance with extant laws.
Iran slams US blockade as ‘grave violation of sovereignty’
El-Rufai distances self from comments on political aspirations attributed to associate
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