The retail price of petrol in Nigeria may climb to N900 per litre this week if global crude oil prices continue to hover around $70 per barrel.

This development comes amid a recent decision by OPEC+, an alliance that includes non-OPEC oil-producing nations, to increase oil output by 547,000 barrels per day starting in September.

Reports indicate that petrol depot prices have surged from an average of N820 on Thursday to N870. Despite this, many filling stations between Lagos and Ogun states maintained prices between N865 and N875 over the weekend.

Field observations showed that while depot prices remained elevated throughout the weekend, many petrol stations refrained from immediately adjusting their pump prices. For instance, a filling station at Kara along the Lagos-Ibadan Expressway displayed a price of N910 per litre on Saturday, while another outlet in Ibafo sold petrol at N900 per litre on Sunday.

Fuel marketers explained that stations altering their prices likely received new stock at the updated rates, adding that the full impact would become clearer in the coming days.

Data from Petroleumprice.ng showed that companies like Aiteo, Aipec, A.A. Rano, and Emadeb were selling ex-depot petrol at N865 as of Sunday. Others such as NIPCO, Matrix, Sahara, and Bono offered the product at N870, while Dangote provided the lowest rate at N858. Meanwhile, firms like Fynefield, Mainland, Sigmund, Ever, and Zone 4 priced theirs as high as N900.

An executive of the Independent Petroleum Marketers Association of Nigeria noted that fluctuations in crude oil prices and foreign exchange rates continue to influence domestic fuel pricing. He suggested stakeholders wait until Monday to assess how prices would unfold.

In a separate development, OPEC+ announced plans to raise output by 547,000 barrels per day next month—part of a series of increases aimed at regaining global market share amid concerns over possible supply disruptions involving Russia.

According to international sources, this marks a full and early reversal of OPEC+’s earlier production cuts, coupled with an additional increase allocated to the United Arab Emirates. Together, these adjustments amount to approximately 2.5 million barrels per day, or 2.4% of global oil demand.

Eight member countries held a virtual meeting to finalise the decision, even as geopolitical tensions—such as U.S. efforts to dissuade India from importing Russian oil—continue to affect global energy dynamics.

The coalition cited steady global economic growth and declining inventories as key factors behind the production hike. Brent crude closed near $70 per barrel on Friday, rebounding from a low of about $58 in April, partly driven by seasonal demand.

An energy analyst noted that oil prices at current levels provide OPEC+ with confidence in market fundamentals, highlighting signs of tightening global stockpiles.

The group is scheduled to reconvene on September 7, where further revisions may be discussed, including the possible reinstatement of 1.65 million bpd in output cuts, which are currently set to remain until the end of 2026.

OPEC+—which includes 10 non-OPEC countries such as Russia and Kazakhstan—controls roughly half of the world’s oil output. After years of curtailing production to stabilize prices, the group shifted its approach earlier this year in an effort to reclaim lost market share.

Since April, the coalition has incrementally increased production—beginning with a 138,000 bpd hike, followed by 411,000 bpd each in May, June, and July, 548,000 bpd in August, and now another 547,000 bpd for September.