Petrol Price Explosion Imminent — OPEC+ Triggers Panic With New Output Plan

There are growing signs that petrol prices in Nigeria could climb to ₦900 per litre this week, especially if crude oil prices continue to hover around $70 per barrel.

This looming price hike follows a fresh decision by OPEC+—a coalition of oil-producing countries outside the traditional OPEC bloc—to increase crude output by 547,000 barrels per day starting September.

According to a report by Punch, Nigerian depots have already raised petrol gantry prices, moving from an average of ₦820 on Thursday to ₦870. Despite the hike, most filling stations across Lagos and Ogun states held pump prices steady between ₦865 and ₦875.

Over the weekend, gantry prices remained high, though most stations delayed updating their pump meters. Notably, on Saturday, Matrix station at Kara (Lagos-Ibadan Expressway) displayed ₦910 per litre, while on Sunday, Rainoil in Ibafo sold at ₦900.

Industry operators say the adjustments may reflect recent bulk purchases at new depot rates. A clearer picture is expected to emerge this week.

As per Petroleumprice.ng, several suppliers listed the following depot prices on Sunday:

• ₦865: Aiteo, Aipec, A.A. Rano, Emadeb

• ₦870: NIPCO, Matrix, Sahara, Bono

• ₦858: Dangote (lowest offer)

• ₦900: Fynefield, Mainland, Sigmund, Ever, and Zone 4

Commenting on the trend, Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), pointed to exchange rate volatility and global crude price fluctuations as key drivers.