The price of petrol in Nigeria could rise to as high as N900 per litre this week if global crude oil prices continue to hover around $70 per barrel, industry sources have warned. The pressure on pump prices comes amid growing costs at depots and a recent production decision by oil producers.
On Sunday, OPEC+ , the alliance of OPEC and non-member oil-producing countries agreed to increase oil production by 547,000 barrels per day in September. The move is expected to affect global supply dynamics and could keep crude prices at elevated levels, further impacting fuel costs in Nigeria.
Depot prices for petrol in Nigeria have already surged, climbing from an average of N820 per litre on Thursday to N870 by the weekend. Despite the sharp increase, many filling stations, especially in Lagos and Ogun States, have maintained pump prices between N865 and N875.
However, some stations have already crossed the N900 mark. Over the weekend, a Matrix filling station along the Lagos-Ibadan Expressway posted N910 per litre, while Rainoil in Ibafo sold petrol for N900. Although most stations are yet to update their meters, dealers say price adjustments may be imminent if wholesale prices remain high.
This rising trend in fuel prices continues to fuel public concern over the affordability of transportation and goods, as inflation and cost-of-living pressures mount across the country.