Nigerians may soon be paying ₦900 per litre for petrol as global and domestic market dynamics tighten further. This surge is fuelled by a fresh decision by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) to increase oil production by 547,000 barrels per day beginning in September — a strategic move to reclaim market share amid persistent supply disruptions and geopolitical tensions.
As of Sunday, August 4, 2025, reports gathered by our correspondent across filling stations in Lagos and Ogun States reveal that retail prices are fast approaching the ₦900 threshold. While several stations held prices steady between ₦865 and ₦875, others — like Matrix along the Lagos-Ibadan Expressway — were already selling at ₦910 per litre. Rainoil’s Ibafo outlet was retailing petrol at ₦900.
Depot prices — which largely influence retail pump rates — have surged significantly. According to figures from Petroleumprice.ng, key depot operators like Aiteo, Aipec, A.A. Rano, and Emadeb listed ex-depot prices at ₦865 as of Sunday. Others like NIPCO, Matrix, Sahara, and Bono raised prices to ₦870, while firms like Fynefield, Sigmund, Ever, and Zone 4 sold as high as ₦900 per litre.
Interestingly, Dangote Petroleum Refinery — a critical player expected to provide some relief — offered the lowest price at ₦858 per litre, although it remains unclear how widely that supply was available to independent marketers.
Despite the price hikes at depots, many independent petroleum marketers were cautious in adjusting their pump prices. Some indicated they were waiting for clarity on wholesale prices at the start of the new week.
Speaking to our correspondent, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, attributed the instability to volatility in global crude markets and the naira’s persistent depreciation.
“Let’s wait till Monday before drawing conclusions,” Fashola advised. “What we are seeing is a reflection of forex fluctuation and global crude realities. Until there’s stability in either, we will continue to witness irregular pricing.”
Globally, oil markets are reacting to a significant development: OPEC+ has reversed its largest tranche of production cuts to date. The 547,000 barrels-per-day (bpd) increase for September follows a sequence of output hikes since April, intended to recapture market share and address rising demand — especially with Brent crude holding steady at around $70 per barrel.
According to Reuters, the group — which includes Russia and Kazakhstan — is responding to concerns about Russian supply disruptions and mounting geopolitical tensions tied to the Ukraine conflict.
Analysts say the decision is part of a wider strategy to balance strong summer demand with manageable stock levels. “Given fairly strong oil prices at around $70, it does give OPEC+ some confidence about market fundamentals,” said Amrita Sen, co-founder of Energy Aspects.
Despite the increase, market tightness remains a concern. The group is scheduled to reconvene on September 7 to possibly reassess output cuts totalling 1.65 million bpd that are still in place until the end of 2025.
While OPEC+ seeks global market balance, Nigerians at home are left battling fuel-driven inflation and rising cost of living. The naira’s depreciation against the dollar — currently trading over ₦1,300/$ — is amplifying import costs, making refined fuel more expensive even when crude oil prices remain relatively stable.
As fuel prices inch closer to ₦900, analysts warn of a ripple effect across food prices, transport fares, and inflationary pressure on households.
With fuel prices climbing amid a backdrop of volatile foreign exchange rates and shifting global oil policy, all eyes are on how the Federal Government and downstream operators will respond. For now, Nigerians brace for higher pump prices, even as global production ramps up and demand shows no sign of easing.