During the ongoing strike by tanker drivers, black market operators are capitalizing on the situation, causing the price of Premium Motor Spirit (PMS or petrol) to surge drastically, reaching as high as ₦1000 per litre in certain areas of Lagos State.

On Wednesday, many filling stations in Lagos, Ogun, and surrounding areas, particularly those affiliated with the Independent Petroleum Marketers Association of Nigeria (IPMAN), remained closed. Meanwhile, lengthy queues began to form at stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and the Major Energy Marketers Association of Nigeria (MEMAN).

While black market prices soared to ₦1000 per litre, MEMAN-affiliated stations like Eterna, NorthWest, TotalEnergies, Mobil, Capital Oil, Enyo, Conoil, ForteOil, MRS, and others maintained prices ranging between ₦599 and ₦615 per litre. This resulted in an influx of vehicles at MEMAN stations, with consumers seeking the most affordable options.

IPMAN stations, facing a shortage of products, either remained closed or sold petrol for no less than ₦650 per litre. Many IPMAN filling stations along the Ikotun to Jakande Gate route had no products available as of Wednesday morning, leaving motorists and private car owners with little choice but to endure long queues at NNPCL or MEMAN stations.