Nigerian motorists may soon be paying as much as N900 per litre for petrol, as global crude oil prices remain firm around $70 per barrel and international oil producers move to increase supply.
The price surge comes in the wake of Sunday’s decision by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to raise oil production by 547,000 barrels per day in September.
The move is aimed at reclaiming market share amid tightening global supply concerns, especially due to the ongoing Russia-Ukraine conflict.
In Nigeria, ex-depot prices have risen sharply, driving up pump prices in parts of the country.
Findings by PUNCH correspondent over the weekend showed that depot prices climbed from an average of N820 per litre last Thursday to as high as N870 by Sunday.
Although many filling stations maintained prices between N865 and N875 across Lagos and Ogun States, some outlets have already adjusted their meters.
On Saturday, Matrix filling station at Kara, along the Lagos-Ibadan Expressway, displayed N910 per litre, while Rainoil in Ibafo sold petrol at N900 on Sunday.
Market analysts say the price volatility is being driven by fluctuating exchange rates, global crude dynamics, and supply chain uncertainties.
According to the fuel price monitoring platform, Petroleumprice.ng, ex-depot rates varied significantly on Sunday.
While Dangote was selling at N858, the lowest rate, companies such as Fynefield, Sigmund, Mainland, and others were charging up to N900 per litre.
Top marketers including Aiteo, Aipec, A.A. Rano, and Emadeb pegged their prices at N865, while Matrix, Sahara, NIPCO, and Bono offered products at N870.
Reacting to the situation, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, attributed the volatility to the unstable foreign exchange market and international crude pricing.
He advised stakeholders to await developments early in the week before making pricing decisions.
“Let’s wait till Monday,” Fashola told The PUNCH, suggesting that clearer trends would emerge as the market adjusts.
On the international front, OPEC+’s decision represents a significant shift from earlier production cuts.
According to Reuters, the latest move effectively reverses the group’s largest tranche of output curbs, and includes a special allocation to the United Arab Emirates, amounting to roughly 2.5 million barrels per day, or 2.4 percent of global demand.
The decision followed a brief virtual meeting of eight OPEC+ members, amid rising pressure from the United States on India and other nations to reduce Russian oil imports.
OPEC+ explained that the production increase was prompted by “a healthy global economy and low oil inventories.” Brent crude prices closed near $70 per barrel on Friday, up from a 2025 low of $58 in April, supported by seasonal demand and tightening stock levels.
“Given fairly strong oil prices at around $70, it does give OPEC+ some confidence about market fundamentals,” said Amrita Sen, co-founder of Energy Aspects.
She noted that market structures suggest persistent tightness in supply.
The group is scheduled to reconvene on September 7, when discussions may resume on reinstating additional output cuts of around 1.65 million barrels per day measures currently in effect until the end of 2026.
OPEC+ comprises 10 non-OPEC producers, including Russia and Kazakhstan, and is responsible for nearly half of the world’s oil output.
The group has been adjusting production volumes in recent years to stabilize global oil markets, but has recently shifted toward expansion in an effort to retain market dominance.
