The pump price of Premium Motor Spirit (PMS), popularly known as petrol, may rise to N900 per litre this week as international crude oil prices continue to hover around $70 per barrel, and local depot prices surge across Nigeria.
Despite a weekend of relatively stable pump prices across Lagos and Ogun States, signs of an impending hike became more evident as depot prices rose from an average of N820 on Thursday to N870 per litre by Sunday. While many filling stations maintained prices between N865 and N875, some outlets have already adjusted their meters. The Matrix station at Kara along the Lagos-Ibadan Expressway displayed N910 per litre on Saturday, while Rainoil in Ibafo sold at N900 on Sunday.
Petrolprice.ng data shows that Aiteo, Aipec, A.A. Rano and Emadeb were selling at N865 per litre, while NIPCO, Matrix, Sahara and Bono raised theirs to N870. Dangote offered the lowest depot rate at N858, but others like Fynefield, Mainland, Sigmund, Ever Oil, and Zone 4 reached N900 per litre on Sunday.
Industry insiders say some marketers may have received new supplies at the updated prices, prompting meter adjustments at select filling stations. The full extent of the hike, however, is expected to become clearer this week.
Speaking with The PUNCH, Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the rising fuel cost to the ongoing volatility in crude oil prices and exchange rates. “Let’s wait till Monday,” he said, urging stakeholders to monitor developments.
Meanwhile, in a move likely to influence global oil dynamics, the Organisation of Petroleum Exporting Countries and its allies (OPEC+) on Sunday agreed to raise production by 547,000 barrels per day (bpd) for September. The increase is part of an ongoing effort to reverse previous output cuts and regain lost market share, especially amid tensions involving Russia and growing seasonal demand.
According to Reuters, this latest hike follows a steady climb in OPEC+ production: 138,000 bpd in April, 411,000 bpd in May, June, and July, and 548,000 bpd in August. The September increase brings the total to nearly 2.5 million bpd, about 2.4% of global demand.
Despite rising output, Brent crude closed near $70 per barrel on Friday, well above its April 2025 low of $58, underscoring market tightness and continued strong demand.
OPEC+—which includes non-members such as Russia and Kazakhstan—is expected to reconvene on September 7 to decide whether to reinstate 1.65 million bpd of production cuts, a measure that remains in place until the end of next year.
With global oil dynamics shifting and local depot costs climbing, Nigerians may have to brace for another painful surge in fuel prices in the coming days.
Comments