Nigerians may face another fuel price hike this week as petrol is expected to hit ₦900 per litre at filling stations, following new global oil production moves and rising exchange rates.

This development follows a decision by OPEC+—an alliance of major oil-producing countries including non-OPEC members—to increase crude oil output by 547,000 barrels per day starting in September. With crude oil prices hovering around $70 per barrel and the naira struggling against the dollar, marketers say local fuel prices are under pressure.

According to depot operators and industry trackers, prices have already started climbing. On Thursday, depot prices averaged ₦820 per litre but rose to ₦870 over the weekend. Although many filling stations are still selling at around ₦865–₦875 in Lagos and Ogun, a few have already adjusted their pump prices.

For instance, the Matrix filling station along the Lagos-Ibadan Expressway was selling at ₦910 per litre on Saturday, while Rainoil in Ibafo sold for ₦900 on Sunday. Marketers say these outlets likely received fresh supply at higher costs.

Figures from Petroleumprice.ng show that major suppliers such as Aiteo, Aipec, A.A. Rano, and Emadeb sold ex-depot petrol at ₦865, while others like Matrix, NIPCO, and Sahara were selling for ₦870. Some firms even listed their prices at ₦900.

Commenting on the situation, Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said that unstable foreign exchange rates and global crude prices are key factors behind the current price trend.

“Let’s wait till Monday,” he said, suggesting that more clarity on the pricing situation will emerge at the start of the new week.

As Nigerians brace for potential increases at the pump, many are calling for urgent government intervention and policies that can ease the pressure on both marketers and consumers.