Long queues are beginning to build up at 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 this morning revealed that private car owners and commercial bus drivers are starting to form long lines, especially along the Ibadan/Lagos Expressway, for petrol currently sold at ₦937 per litre.
Stations that do not have as many queues have increased pump prices above ₦1,000 with some selling at ₦1,040, ₦1,030 per or ₦1,025 per litre.
Reports surfaced on Tuesday that Dangote Petroleum Refinery increased the ex-depot price of petrol from ₦774 to ₦874 per litre, representing a ₦100 hike.
The development followed a sharp surge in global crude oil prices above the $80 per barrel threshold earlier in the week.
