Petrol prices set to fall as Brent crude slumps to $65

The price of Brent is used globally to benchmark the prices of other crudes – major feedstocks – and by extension petroleum products prices.”

Nigerians may soon enjoy a drop in petrol prices following a decline in global oil prices, as Brent crude fell to $65 per barrel from $69.90.

This drop, influenced by new U.S. tariffs and OPEC+’s decision to raise output by 410,000 barrels per day from May 2025, has impacted local depot pricing.

Mainland, A.Y.M., and Ever now sell at N918–N919/litre, down from N920. Prudent, Eterna, and Soroman also recorded slight reductions.

According to petroleumprice.ng, marketers may reduce pump prices this week if trends persist.

“If the fundamentals persist, it will culminate in low costs of fares, goods and services,” said PETROAN President, Billy Gillis-Harry.

OPEC noted that “the gradual increases may be paused or reversed… to support oil market stability.”

The group pledged to “fully compensate any overproduced volume since January 2024” and submit updated plans by April 15, 2025.

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