Petrol May Sell for ₦900/litre This Week as Oil Prices, Depot Rates Rise
The pump price of petrol may climb to ₦900 per litre across the country this week if the current surge in crude oil prices and ex-depot rates persists, oil marketers have warned.
As of Sunday, crude oil hovered near $70 per barrel—a trend that analysts say is exerting upward pressure on local fuel prices. Despite some filling stations maintaining pump prices between ₦865 and ₦875 in Lagos and Ogun States, others have begun adjusting their meters to reflect the spike in supply costs.
Checks over the weekend revealed that Matrix filling station at Kara, along the Lagos-Ibadan Expressway, displayed ₦910 on its price board on Saturday. On Sunday, Rainoil station in Ibafo was selling at ₦900 per litre.
Petroleumprice.ng listed depot rates on Sunday at; ₦865 from Aiteo, Aipec, A.A. Rano, and Emadeb, ₦870 from NIPCO, Matrix, Sahara, and Bono, ₦858 from Dangote (the lowest), and as high as ₦900 from Fynefield, Mainland, Sigmund, Ever, and Zone 4.
“The price adjustment at some stations is because they just received new supply at current rates. We expect more clarity on pump prices by Monday,” a marketer told our correspondent.
Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the situation to fluctuations in the exchange rate and crude oil prices. “Let’s wait till Monday,” Fashola said in a brief interview.
Meanwhile, the global oil cartel OPEC+ announced on Sunday it would raise production by 547,000 barrels per day starting in September. This move follows recent increments aimed at regaining market share and stabilizing prices amid geopolitical tensions involving Russia.
According to Reuters, OPEC+—which includes non-OPEC oil producers like Russia and Kazakhstan—is gradually reversing its earlier production cuts. A separate 2.5 million barrels per day output hike for the United Arab Emirates is also in play, amounting to around 2.4% of global oil demand.
The group cited strong market fundamentals and low inventory levels as reasons for the decision. Brent crude, which closed at $70 per barrel on Friday, has risen sharply from $58 per barrel in April, partly driven by seasonal demand.
Energy expert Amrita Sen noted, “Current oil prices around $70 signal confidence in market strength, and the tight stock situation supports that view.”
OPEC+ is scheduled to meet again on September 7, where further adjustments—including reinstating 1.65 million bpd in cuts—may be considered.
As Nigeria continues to grapple with fuel subsidy removal and market deregulation, the coming days could further shape the cost of petrol and impact consumers nationwide.
