Mr Oyewole was caught in a bus loaded with the product on his way to Ijegun with two accomplices, who are now at large, the police said in a statement on Sunday.
The police said the two accomplices, on sighting the officers, jumped out of the bus and escaped into a nearby canal.
Bala Elkana, the Lagos State police spokesperson, said the officers while monitoring the Canoe area of Ejigbo, noticed a bus with two contrasting colours and three occupants.
“The front was painted with the Lagos commercial colour while the rest was painted in blue,” Mr Elkana said.
“On sighting the policemen, the three occupants of the bus jumped down and fled in different directions. The policemen pursued them and caught up with one of them.
“The arrested suspect confessed that he and his cohorts loaded the FIAT Bus with registration NO LND 825 BC with multiple sacks laden with PMS or Petrol.
“He claimed further that NNPC pipeline was burst in Owutu area of Agric in Ikorodu where the products were loaded.”
Mr Elkana further stated that efforts are still ongoing to arrest the remaining suspects who fled at the sight of police officers.
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