- Why Petrol May Hit ₦900/Litre
- OPEC+ raises output by 547,000 bpd, citing healthy market conditions.
- Marketers await clearer pricing as exchange rate, global demand drive volatility
The pump price of petrol in Nigeria may rise to ₦900 per litre this week as crude oil prices hover around $70 per barrel, coupled with a new production hike by OPEC+.
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EKO HOT BLOG reports that over the weekend, depot prices climbed sharply, with ex-depot rates averaging between ₦858 and ₦900 per litre. While some filling stations in Lagos and Ogun States maintained prices between ₦865 and ₦875, others adjusted upwards.
On Saturday, Matrix station at Kara displayed ₦910 per litre, while Rainoil in Ibafo sold at ₦900. Marketers attributed the variation to new supply costs and hinted that a clearer pricing trend would emerge this week.
OPEC+, which includes Russia and other non-OPEC producers, announced an additional 547,000 barrels per day output increase for September, reversing earlier cuts to regain market share. The group cited a “healthy economy and tight stocks” for the decision. Brent crude closed near $70 per barrel on Friday, up from $58 in April, supported by seasonal demand and tighter inventories.
Hammed Fashola, Vice President of the Independent Petroleum Marketers Association of Nigeria, blamed price volatility on fluctuating exchange rates and global crude prices. “Let’s wait till Monday,” he said, suggesting adjustments may continue.
Analysts say the latest OPEC+ move reflects efforts to balance rising global demand with geopolitical concerns, including Western pressure on India to cut Russian oil imports.
The group, which pumps half of the world’s oil, has steadily raised production since April, with further adjustments expected at its September 7 meeting.
