Petrol Crisis Deepens: OPEC+ Trigger May Send Pump Price Soaring To ₦900/Litre!

There are strong indications that the price of petrol in Nigeria may rise to ₦900 per litre this week if global crude oil prices continue to hover around $70 per barrel, ACCORDING TO IREPORTER ONLINE.

This looming hike follows a fresh decision by OPEC+, the coalition of oil-producing nations including non-OPEC members, to increase production by 547,000 barrels per day in September.

ACCORDING TO IREPORTER ONLINE, this move is already triggering adjustments in Nigeria’s domestic fuel pricing, with some depots increasing gantry prices from ₦820 to ₦870 per litre as of late last week.

Despite these depot-level adjustments, most filling stations across Lagos and Ogun States have maintained pump prices between ₦865 and ₦875, while avoiding immediate meter recalibrations.

Notably, over the weekend, Matrix station at Kara (Lagos-Ibadan Expressway) posted a pump price of ₦910, while Rainoil in Ibafo sold petrol at ₦900 per litre.

Marketers attribute the changes to new fuel stock arrivals priced at updated depot rates. Pricing data shows that suppliers such as Aiteo, Aipec, A.A. Rano, and Emadeb sold at ₦865, while others like NIPCO, Matrix, and Bono offered at ₦870.

Dangote had the lowest rate of ₦858, but companies like Fynefield and Sigmund charged as high as ₦900.

Hammed Fashola, Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), blamed the unstable forex market and fluctuating crude prices for the current uncertainty.

He advised Nigerians to wait until Monday for a clearer direction on pump prices, ACCORDING TO IREPORTER ONLINE.

”IREPORTER REPORTS”