Nigerians Set to Pay Less for Petrol as Global Oil Prices Fall

Nigerians can expect some relief at the pump as global oil prices dropped to $65 per barrel, down from $69.90. This decline in Brent crude—used as a global benchmark for pricing other crude oils and petroleum products—is already influencing domestic fuel prices.

Depot owners across the country have responded by slashing petrol prices. Mainland, A.Y.M., and Ever depots have reduced their prices to N918 and N919 per litre, down from N920. Similarly, Prudent, Eterna, and Soroman have lowered their prices to N912, N897, and N915 per litre, respectively.

This price adjustment is partly driven by new global market dynamics. U.S. President Donald Trump’s recent announcement of sweeping tariffs, along with the decision by OPEC and its allies to increase oil production by 410,000 barrels per day in May 2025—well above the previously planned 135,000 barrels—has contributed to downward pressure on oil prices.

Oil marketers are expected to further adjust pump prices downward as they take new deliveries, provided the current market trend continues, according to data from petroleumprice.ng.

Speaking to Sunday Vanguard, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed optimism that this decline will lead to reduced costs of transportation, goods, and services if the trend holds.

Meanwhile, OPEC confirmed that eight of its member countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—have agreed to implement an increased production adjustment of 411,000 barrels per day starting May. This move reflects their strategy to gradually return 2.2 million barrels per day of previously reduced output. OPEC emphasized that this increase could be paused or reversed depending on evolving market conditions, in order to maintain oil market stability.

The countries also committed to compensating for any overproduction since January 2024 and will submit updated compensation plans by April 15, 2025.