The pump price of petrol in Nigeria may climb to N900 per litre this week if crude oil prices continue to hover around $70 per barrel. Over the weekend, depot prices rose from an average of N820 to N870 per litre, with some filling stations already adjusting their pump prices. At the Matrix station along the Lagos–Ibadan Expressway, petrol sold for N910 on Saturday, while Rainoil in Ibafo sold at N900 on Sunday. Marketers say the price hike is linked to recent supply at higher costs, warning that further adjustments are likely in the coming days.
Industry data from Petroleumprice.ng showed that as of Sunday, major depot operators such as Aiteo, Aipec, A.A. Rano, and Emadeb sold petrol at N865 per litre, while NIPCO, Matrix, Sahara, and Bono charged N870. Dangote offered the lowest rate at N858, while some operators sold at up to N900. The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, attributed the upward trend to volatility in crude oil prices and exchange rates, advising stakeholders to “wait till Monday” for a clearer pricing picture.
The development comes as OPEC+ agreed on Sunday to increase oil production by 547,000 barrels per day for September, reversing earlier output cuts. The group cited strong market fundamentals and tight inventories for the decision, despite ongoing geopolitical tensions and pressure from the United States on some countries to limit Russian oil purchases. Brent crude closed near $70 per barrel on Friday, up from a low of $58 in April, supported by rising seasonal demand. OPEC+ will meet again on September 7 to review production targets, with the possibility of reinstating additional output cuts if market conditions change.
