The Lagos State Traffic Management Agency (LASTMA) says over 20 vehicles are affected in the inferno.
In a tweet on its official Twitter page, the agency said the tanker suffered brake failure.
“A tanker which had brake failure loaded with PMS caught fire on the Otedola Bridge INW Berger. The number of vehicles affected is 20+, the traffic situation is at standstill, all alternative routes advised at the moment,” it said.
“Please be advised that the effect of this fire incident will be colossal in the next few minutes. Please cooperate with all law enforcement agents in the line of this. Alternative routes advised right from the Third Mainland Bridge.
“[18:46Hrs] The traffic backlog as a result of the explosion of the PMS laden tanker is now as far back as the Third Mainland Bridge, backing up to the traffic to UNILAG Water-Front at the moment.”
The Lagos state Rapid Response Squad reports that first responders are already at the scene to contain the fire.