Petrol prices across Nigeria are creeping toward N900 per litre, raising concerns for residents and businesses nationwide, including in oil-rich Rivers State, as global crude oil prices climb and OPEC+ announces plans to boost production. The price surge is adding strain to households already facing economic challenges.
Over the weekend, filling stations in major hubs like Lagos and Ogun States adjusted pump prices, with Matrix at Kara along the Lagos-Ibadan Expressway selling petrol at N910 per litre on Saturday. Rainoil in Ibafo followed, charging N900 by Sunday. In Rivers State, where oil production is a key economic driver, some stations have reported prices hovering around N880, reflecting similar pressures. Depot prices have also risen sharply, moving from N820 on Thursday to N870 by Sunday, with some depots like Fynefield and Sigmund hitting N900. Dangote Refinery, a significant supplier, offers petrol at N858 per litre, but the upward trend persists.
The price hike is driven by global oil market trends. Brent crude closed near $70 per barrel on Friday, up from a 2025 low of $58 in April, spurred by strong demand and tight global oil stocks. On Sunday, OPEC+, which includes major producers like Saudi Arabia and Russia, announced a production increase of 547,000 barrels per day starting in September. This decision could further influence fuel costs in Nigeria, where crude oil prices directly affect petrol prices, even in oil-producing regions like Rivers State.
Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria, attributed the price rise to volatile crude oil prices and the naira’s exchange rate. “The market is unpredictable right now,” Fashola said. “By Monday, we’ll have a clearer picture, but global prices and the exchange rate are key factors.”
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For Nigerians, the rising costs are a growing burden. In Port Harcourt, Rivers State, a teacher named Ebi shared her struggle: “Fuel prices are eating into my salary. It’s hard to afford transport and food.” Across the country, filling stations with new stock are expected to reflect higher depot costs soon.
OPEC+’s production hike aims to capitalize on a strong global economy, but Nigeria’s reliance on imported refined fuel and a weak naira could keep prices high. The group will meet again on September 7 to review output plans, potentially adjusting cuts of 1.65 million barrels per day if market conditions change.
As prices climb, Nigerians, from Lagos to Rivers State, face the challenge of navigating an economy heavily tied to global oil dynamics, highlighting the need for greater energy independence.
