City of Lagos, Nigeria – Petrol price wan burst any moment now, e fit reach N900 per litre if crude oil no chill for around $70 per barrel. This one no be small matter o! OPEC+ don agree make dem increase oil production by 547,000 barrels per day for September. Na wah, wetin we go chop for this country? (I dey reason if na okada go still dey carry us go market this time).
Last week, petrol gantry prices don rise from average N820 to N870. But e be like say some filling stations still dey play cool, no dey change their meters like dem wan run from wahala. You fit still find petrol for N865 or N875 between Lagos and Ogun States. E shock you, abi?
Over the weekend, Matrix filling station for Lagos-Ibadan Expressway don show N910 for their price board, while Rainoil filling station for Ibafo dey sell at N900 per litre. E no suppose dey like this for Naija abeg! Marketers talk say some filling stations fit change their prices because dem don land fresh supplies. But dem suggest make we chill till Monday make we see wetin go happen. (You fit bet say some people go still dey rush go buy fuel just in case).
According to the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, na the exchange rate wahala and crude oil prices dey waka hand in hand to affect fuel prices. Fashola talk say, “Let’s wait till Monday,” like say him fit speak to the spirits of fuel prices. (I just dey wonder if fuel price go ever come down for our life).
Meanwhile, OPEC+ don carry heavy discussion, and dem don finally agree to increase oil production by 547,000 barrels per day. Na dem dey try regain market share, but e fit be wahala as Russia dey cause drama. Dem say na healthy economy and low stocks dey drive this decision. Wetin we go chop as the price of oil dey hold tight?
Brent crude don close to $70 a barrel on Friday after e fall to $58 for April. Amrita Sen wey be energy expert talk say, “Given fairly strong oil prices at around $70, e give OPEC+ confidence.” Talk about confidence, but how dem go run things after September meeting? Na only God know!
OPEC+ dey included 10 non-OPEC oil-producing countries, wey get Russia and Kazakhstan wey dey hold down half of oil for the world. As they don shift from reducing production to increase am this year, we dey observe wey gree fit happen again if dem need to cut down. (Maybe na Jesus dey hold the key for dis oil matter).
