Good news could be on the horizon for Nigerians as global oil prices take a dip — and it might just reflect at the pumps and in your pocket.
The price of Brent crude, the global benchmark for oil, has slid down to $65 per barrel, a noticeable drop from its previous price of $69.90. And according to industry insiders, this decline could translate into cheaper petrol, lower transport fares, and reduced costs of goods and services across the country.
Behind the dip? A combination of global events, including U.S. President Donald Trump’s recent announcement of sweeping new tariffs, and a major move by OPEC+ to ramp up oil production by 410,000 barrels per day starting May 2025 — way above the initially planned increase of 135,000 barrels.
Local Impact: Depot Prices Already Falling
Across Nigeria, signs of change are already showing. Key depots like Mainland, A.Y.M, Ever, Prudent, Eterna, and Soroman have all slightly reduced petrol prices, trimming rates by ₦1–₦3 per litre in response to the global trend.
While the reductions seem modest for now — with petrol selling between ₦897 to ₦918 per litre — marketers say this could be the beginning of a wider price adjustment.
“If the current global oil market conditions hold, pump prices will likely go down next week as new supplies arrive,” reports petroleumprice.ng.
What It Means for You
According to Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Nigerians should begin to expect relief in transport costs and market prices — as long as the global fundamentals remain steady.
“This development is likely to bring down the cost of fares, goods, and services,” Gillis-Harry said in a weekend chat with Financial Vanguard.
OPEC’s Bold Move: More Oil, More Stability?
In a recent virtual meeting, eight OPEC+ countries — including Saudi Arabia, Russia, and the UAE — agreed to accelerate their output ramp-up, pledging a 411,000-barrel-per-day increase in May. This forms part of their larger plan to gradually ease back their 2.2 million barrels/day voluntary cut.
“This flexibility allows us to respond to market realities while maintaining stability,” OPEC said, adding that adjustments could be paused or reversed depending on how things evolve.
As global oil flows increase and markets stabilize, Nigerians may finally see a bit of economic relief — especially at a time when every naira counts.
