Nigerian consumers may soon grapple with yet another spike in petrol prices, as market indicators point to a possible climb to N900 per litre this week. The increase is being driven by both domestic pricing pressures and complex shifts in global oil production strategies.
Over the weekend, petrol gantry prices at Nigerian depots saw a noticeable jump—from an average of N820 per litre on Thursday to around N870 by Sunday. Despite the uptick at wholesale levels, retail stations across Lagos and Ogun States have largely maintained pump prices between N865 and N875. However, a few locations, such as Matrix at Kara along the Lagos-Ibadan Expressway, have already adjusted their meters, displaying prices as high as N910. Similarly, Rainoil in Ibafo was seen selling petrol at N900 per litre on Sunday.
Fuel marketers say the pricing disparity between depots and filling stations reflects a lag between supply acquisition and retail adjustments. Stations that raised their pump prices likely received fresh consignments at newer, higher rates. As the week unfolds, more widespread adjustments are expected.
According to Petroleumprice.ng, some of Nigeria’s leading depot operators are now selling at elevated rates. Aiteo, Aipec, A.A. Rano, and Emadeb listed ex-depot prices at N865, while Matrix, Sahara, NIPCO, and Bono were at N870. Dangote’s supply came in slightly lower at N858, but smaller firms such as Fynefield, Mainland, Sigmund, Ever, and Zone 4 offered prices up to N900 per litre.
Commenting on the situation, Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that volatile exchange rates and crude oil prices are heavily influencing local pump prices. “Let’s wait till Monday,” he advised, suggesting that the week will bring more clarity to the evolving pricing situation.
On the global front, the recent decision by OPEC+ to increase oil production has added another layer of complexity. The group, which includes non-OPEC members such as Russia and Kazakhstan, agreed on Sunday to raise output by 547,000 barrels per day (bpd) for September. This marks the latest in a series of production hikes aimed at regaining global market share amid persistent geopolitical tensions and concerns over supply disruptions, especially those tied to Russia’s ongoing war in Ukraine.
According to Reuters, the September increase follows several consecutive monthly hikes since April, cumulatively adding up to over 2.5 million bpd—roughly 2.4% of global demand. The latest move includes a special provision for the United Arab Emirates, signaling OPEC+'s intent to rebalance the market and strengthen its competitive position.
Despite the output increases, oil prices have remained firm. Brent crude, for example, hovered close to $70 per barrel on Friday, a significant rise from the year’s low of around $58 in April. Seasonal demand, combined with low global inventories, is believed to be supporting the elevated prices.
“OPEC+ appears more confident in the market fundamentals,” said Amrita Sen, co-founder of the consultancy Energy Aspects. “Tight stock levels and robust prices are reinforcing that confidence.”
The cartel’s next meeting is scheduled for September 7, where members will evaluate whether to maintain or roll back an existing 1.65 million bpd cut that remains in effect until the end of 2026. Any new adjustment could further influence international oil prices and, by extension, Nigeria’s domestic fuel market.
For now, with depot prices already climbing and international crude markets showing no signs of easing, Nigerian motorists are bracing for yet another round of pump price hikes—a development that could ripple across the economy through increased transport costs and inflationary pressure.