The pump price of petrol may hit N900 per litre this week if the price of crude oil continues to hover around $70 per barrel.
This was even as OPEC+, a group that comprises non-members of the Organisation of Petroleum Exporting Countries, agreed on Sunday to raise oil production by 547,000 barrels per day for September.
Our correspondent reports that depots in Nigeria have raised petrol gantry prices from an average of N820 on Thursday to N870. However, many filling stations still retained petrol N865 and N875 between Lagos and Ogun States.
Throughout the weekend, it was observed that the gantry prices remained high, but filling stations did not rush to make any major meter adjustments. On Saturday, the Matrix filling station at Kara along the Lagos-Ibadan Expressway displayed N910 on its price board. On Sunday, the Rainoil filling station in Ibafo sold the product at N900 per litre.
Marketers said the filling stations changing prices might have got new supplies at the latest prices, adding that everything would be clear this week.
According to Petroleumprice.ng, Aiteo, Aipec, A.A. Rano and Emadeb put their ex-depot prices at N865 as of Sunday. NIPCO, Matrix, Sahara and Bono sold the product to retailers at N87O. While Dangote offered the lowest cost of N858, companies like Fynefield, Mainland, Sigmund, Ever and Zone 4’s prices were as high as N900 on Sunday.
Speaking with The PUNCH, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said the volatility in the exchange rate and prices of crude oil is affecting fuel prices.
