By NIGPOST Energy Desk
Nigerians may soon experience some financial relief at the fuel pump, as global oil prices take a notable dip. The price of Brent crude—used worldwide as the benchmark for oil—has dropped to $65 per barrel from its previous $69.90.
This decline is already sparking positive signs at local depots, and experts predict a ripple effect on transportation and the cost of goods and services.
Depot Prices Already Falling
Fuel depots across the country have begun adjusting their prices. For instance:
Mainland, A.Y.M, and Ever depots now sell at N918 and N919 per litre, down from N920.
Prudent dropped from N913 to N912.
Eterna adjusted from N900 to N897.
Soroman lowered from N916 to N915.
According to petroleumprice.ng, petrol marketers are expected to reduce pump prices this week, assuming current market trends hold steady.
Why the Sudden Change?
The drop in oil prices is partly due to new economic moves by the U.S., particularly a fresh round of tariffs introduced by President Donald Trump.
Additionally, the Organisation of Petroleum Exporting Countries (OPEC) and its allies have decided to ramp up oil production significantly.
Starting in May 2025, OPEC+ will increase oil output by 411,000 barrels per day—much higher than the initially planned 135,000 barrels.
This boost is aimed at stabilizing global supply and keeping oil markets balanced.
Marketers Say Lower Prices Will Benefit All
In a chat with NIGPOST, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), shared optimism.
He believes that if these favorable conditions continue, Nigerians can expect a drop in transportation costs, food prices, and other services.
“This could help ease the burden on everyday Nigerians, especially commuters and small businesses,” Gillis-Harry noted.
OPEC’s Long-Term Strategy
A report from OPEC highlights the group’s flexible approach to oil production, adjusting output based on global needs. The eight participating OPEC+ countries—including Saudi Arabia, Russia, and the UAE—have agreed to this increase with room for pause or reversal, depending on how the market reacts.
They’ve also pledged to make up for any overproduction since January 2024, promising tighter control and transparency in the months ahead.
If current trends continue, Nigerians can breathe a little easier when it comes to fuel costs.
The drop in global oil prices is already being felt locally, and lower depot prices could soon translate into cheaper transportation and goods.
It’s a small win, but one many will welcome in today’s economic climate.
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