The pump price of Premium Motor Spirit, PMS, popularly known as petrol, has reached N936.00 or more per litre from N860.00 being sold within just a few past days in parts of the Lagos metropolis.
This comes as most petrol stations on the Lekki-Ajah axis are not dispensing the product, an indication that they do not have fuel.
Few petrol stations that are dispensing are beginning to have queues as many motorists and residents with jerry cans flood the stations.
Earlier, the Dangote Petroleum Refinery increased its ex-gantry petrol price from N774 per litre to N874.
The development comes as global oil prices continue to surge — with brent crude rising to as high as $79 per barrel — amid escalating geopolitical tensions in the Middle East, which impacts the oil and gas sector.
However, the situation has compounded the woes of residents and motorists who now have to contend with the costs of transportation in the metropolis.