Petrol Prices Soar to ₦900/Litre as OPEC+ Prepares Oil Output Increase
Global oil supply surge fails to bring relief to Nigerian pump prices
Fuel prices in Nigeria have surged to as high as ₦900 per litre in major cities. Dealers blame a rise in ex-depot costs and poor market response to global crude trends.
Domestic Prices Rise Despite Crude Price Drop
Even though global oil prices have declined—Brent crude fell to around $69 per barrel—Nigerian marketers raised ex-depot costs and passed these hikes onto consumers. The previously reported petrol landing cost dropped to ₦865, but pump rates increased to ₦900 or more.
OPEC+ To Boost Oil Supply, But Local Prices Remain High
OPEC+ recently committed to a major supply increase of around 547,000 barrels per day starting in September. Despite this global production expansion, Nigerian fuel prices have not adjusted downward, causing growing criticism from market watchers.
Industry Stakeholders Blame Currency and Refinery Costs
Experts attributed fuel price hikes to naira depreciation, refinery operating costs, and inconsistent pricing practices. Although global markers have projected a drop in fuel prices to as low as ₦400 per litre, local pricing dynamics prevented immediate relief.
Impact on Consumers and Travel
Transport fares have risen sharply, affecting commuters and cargo businesses. Consumers face more financial strain as production delays at domestic refineries keep imports costly.
🔍 Outlook and Calls for Reform
Despite global supply increases, there is little indication that pump prices will fall soon. Industry groups continue calling for transparent pricing and local refining strategies, including full functionality at Dangote refinery, to mitigate dependence on volatile imports.
