Petrol prices across parts of Nigeria could rise to ₦900 per litre this week, following a recent spike in crude oil prices and an announcement by the OPEC+ alliance to raise global oil output.

The Organisation of Petroleum Exporting Countries and its allies, known collectively as OPEC+, agreed on Sunday to increase oil production by 547,000 barrels per day starting in September. The decision comes as global crude prices edge closer to $70 per barrel, driven by rising demand and tight market supplies.

In Nigeria, this global shift is already affecting local fuel prices. Several filling stations in Lagos and Ogun states have started selling petrol between ₦865 and ₦910 per litre, depending on the supplier. Some depots, including major players like NIPCO, Matrix, and Sahara, reportedly sold to retailers at prices nearing ₦870 on Sunday, while other firms offered rates as high as ₦900.

A Matrix outlet on the Lagos-Ibadan Expressway displayed ₦910 per litre over the weekend, and a Rainoil station in Ibafo sold at ₦900. Despite the hike in depot prices, many filling stations have yet to adjust their pumps, likely waiting to receive fresh stock.

Industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN), say the combination of exchange rate instability and rising crude prices is making petrol pricing unpredictable. IPMAN Vice President, Hammed Fashola, advised consumers and marketers to wait until Monday for a clearer picture.

Meanwhile, OPEC+ is expected to meet again on September 7 to review production plans, with possible further cuts being discussed. The group, which includes heavyweights like Russia and Kazakhstan, is now pivoting away from years of output cuts, aiming to regain lost market share.