There are indications that Nigerians will pay less for Premium Motor Spirit (PMS), also known as petrol, as the price of Brent crude dropped to $65 per barrel from $69.90 per barrel in the global market.
The price of Brent serves as a global benchmark for the prices of crude oils, influencing the prices of petroleum products worldwide.
The drop in crude prices is partly attributed to the announcement of new tariffs by U.S. President Donald Trump. Additionally, the decision by the Organization of Petroleum Exporting Countries (OPEC) and its allies to increase oil output by 410,000 barrels per day starting May 2025, far exceeding the 135,000 barrels originally planned, also contributed to the price reduction.
As a result, depot prices for several oil brands have started to reflect the decrease in crude prices. For instance, the depot prices for Mainland, A.Y.M., and Ever have dropped to N918 per liter from N920, and N919 per liter from N920, respectively. Additionally, the prices for Prudent, Eterna, and Soroman have fallen to N912 from N913 per liter, N897 from N900 per liter, and N915 from N916 per liter, respectively.