Petrol May Hit ₦900/Litre This Week As OPEC+ Makes Fresh Plan On Production Hike

There are indications that the price of petrol may hit ₦900 per litre this week if the price of crude oil continues to hover around $70 per barrel.

This development comes amidst a decision by OPEC+, a group that comprises non-members of the Organisation of Petroleum Exporting Countries, to raise oil production by 547,000 barrels per day for September.

According to Punch, depots in Nigeria have raised petrol gantry prices from an average of ₦820 on Thursday to ₦870. However, many filling stations retained petrol at ₦865 and ₦875 between Lagos and Ogun States.

Throughout the weekend, it was observed that the gantry prices remained high, but filling stations did not rush to make any major meter adjustments.

On Saturday, the Matrix filling station at Kara along the Lagos-Ibadan Expressway displayed ₦910 on its price board. On Sunday, the Rainoil filling station in Ibafo sold the product at ₦900 per litre.

Marketers said the filling stations changing prices might have got new supplies at the latest prices, adding that everything would be clear this week.

According to Petroleumprice.ng, Aiteo, Aipec, A.A. Rano and Emadeb put their ex-depot prices at ₦865 as of Sunday. NIPCO, Matrix, Sahara and Bono sold the product to retailers at ₦87O. While Dangote offered the lowest cost of ₦858, companies like Fynefield, Mainland, Sigmund, Ever and Zone 4’s prices were as high as N900 on Sunday.

Speaking with the aforementioned publication, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said the volatility in the exchange rate and prices of crude oil is affecting fuel prices.

Fashola said stakeholders should wait till Monday to know what will happen with the prices. “Let’s wait till Monday,” he said

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