The pump price of petrol could hit N900 per litre this week as global crude oil prices remain near $70 per barrel and major producers plan to boost supply. This follows a decision by OPEC+ an alliance of OPEC and non-OPEC oil producers to raise output by 547,000 barrels per day in September.
The move, aimed at regaining market share amid concerns over supply disruptions from Russia, may further influence Nigeria’s domestic fuel pricing. Over the weekend, depot prices in Nigeria surged from an average of N820 to N870 per litre. While many filling stations between Lagos and Ogun held prices at N865 to N875, others have already adjusted. Matrix station at Kara displayed N910, while Rainoil in Ibafo sold at N900 per litre.
Data from Petroleumprice.ng showed that companies like Aiteo, Aipec, and Emadeb sold ex-depot petrol at N865 on Sunday. NIPCO, Matrix, Sahara, and Bono priced theirs at N870, while Dangote had the lowest at N858. Others like Fynefield and Sigmund quoted as high as N900.
Independent Petroleum Marketers Association of Nigeria Vice President Hammed Fashola attributed the rising costs to forex volatility and crude oil trends. He urged stakeholders to wait until Monday for clearer pricing direction.
Globally, OPEC+ said its latest decision was driven by strong economic signals and low stock levels. Brent crude ended Friday near $70, rising from a low of $58 in April, boosted by seasonal demand.
The eight-member bloc had started output hikes in April, gradually ramping up production each month. The next OPEC+ meeting is scheduled for September 7, when further decisions on output cuts could be made.
OPEC+ produces nearly half of the world’s oil supply and includes non-OPEC countries like Russia and Kazakhstan.
