NewStats: 3,261,336 , 8,173,711 topics. Date: Wednesday, 28 May 2025 at 08:58 PM 2y2s5c

THERE are indications that Nigerians would pay less for the Motor Spirit, PMS, also known as petrol as the price of Brent dropped to $65 per barrel from $69.90 per barrel in the global market.

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

Checks by Vanguard indicated that the development was partly fueled by the already heavy losses following U.S. President Donald Trump’s announcement of sweeping new tariffs.

The checks further showed that it was also fueled by the decision of the Organisation of Oil Producing Countries and its allies, also known as OPEC+ to increase oil output by 410,000 barrels per day starting in May 2025 far above the 135,000 barrels originally planned.

Depot owners slash petrol prices

Already, the depot prices of Mainland, A.Y.M and Ever have dropped to N918 per litre from N920 and N919 from N920 per litre, respectively.

Also, the depot prices of Prudent, Eterna and Soroman have dropped to N912 from N913 per litre, N897 from N900 per litre and N915 from N916 per litre, respectively.

According to petroleumprice.ng, oil marketers would likely adjust their pump prices downwards as they get new supplies next week, if the current market condition persists.

Expect decrease in fares, goods, services — marketers

In a telephone interview with Financial Vanguard, weekend, the President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, expressed optimism that the development would culminate in low costs of fares, goods and services if the fundamentals persist in the market.

However, in a report, OPEC, stated: “The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 April 2025, to review global market conditions and outlook.

“In view of the continuing healthy market fundamentals and the positive market outlook, and in accordance with the decision agreed upon on 5 December 2024, subsequently reaffirmed on 3 March 2025, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day, equivalent to three monthly increments, in May 2025.

“This comprises the increment originally planned for May in addition to two monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

“The eight countries reaffirmed their commitment to the voluntary production adjustments agreed at the 53rd t Ministerial Monitoring Committee, JMMC meeting on 3 April 2024. They also confirmed their intention to fully compensate any overproduced volume since January 2024 and to submit updated front-loaded compensation plans to the OPEC Secretariat by 15 April 2025.”

https://www.vanguardngr.com/2025/04/oil-prices-drop-expect-decrease-in-fares-goods-services-marketers-tell-nigerians/

Propaganda from the demonic APC.

Tell it to the birds

I will only believe when it reflects in the fueling stations

Big thanks to president Tinubu, and Opec for working on oil production surely this price drop will help make things cheaper for Nigerians.

The devil will be laughing. On Wednesday transport fares trippled in most part of Lagos. Food prices will never decrease unless, government stop police and security from those illegal tolls across the country. Majorly N1600 to $1 is too high exchange rate. All those failed economists like Tope Fashua, Taiwo Oyedele said dollar will settled around N700. APC is a failed party, but just like Nazi's party many are enslaved in it.

This will go a long way.


But I can bet my last kobo...... Prices of fare and market prices will not drop.

The people claiming to be in charge of business and development from a dotted region will never let the price to reduce.

The problem of Nigeria is partially caused by them.... but they are professional in pointing fingers.

JASONjnr:
This will go a long way.


But I can net my last kobo...... Prices of fare and market prices will not drop.

The peoppe claiming to be in charge of business and development from a dotted region will never let the price to reduce.

The problem of Nigeria is partially caused by them.... but they are professional in pointing fingers.

Are they the one increasing port charges almost every hour?

LOL.

Let’s see na.

We hope so

In Nollywood's chieves voice.

IGWE!!!

Na today?

We are waiting patiently

Price hasn't dropped, and yet one zombie up there is already thanking Tinubu. So Tinubu is the one controlling oil prices worldwide.
Why are you guys like this?

God please let it drop to $10
In Jesus name
Amen

Adupe o!

Keep fooling ur fellow APC ers.

Liars. Anytime you hear something like this, just know that it will be opposite direction. That is how economy works in Nigeria. Useless people. Infact, expect it to get high soon especially when dangote crude oil swapping deals are being dragged slowly. They will tell us that dollar / naira rates affect it and they have to source for expensive dollars to import.
Useless cabals.

Is there any price of things in nigeria that ever goes up and comes down?

They won't tell and it will take years to implement

There only motion is to increase

Usual bullocks and SENSELESS PROPAGANDA for brainless zombies 😀😃😃😄😁😆😆😅😅🤣🤣😂

iwaeda:


https://www.vanguardngr.com/2025/04/oil-prices-drop-expect-decrease-in-fares-goods-services-marketers-tell-nigerians/

dey play

You don't have to inform us




start reduction

Good news for a change it can only be God.

iwaeda:


https://www.vanguardngr.com/2025/04/oil-prices-drop-expect-decrease-in-fares-goods-services-marketers-tell-nigerians/

Which means our export revenue will also drop since oil price is dropping. Meaning forex reserve will also take some hit.

But good news for PMS.

Seun mind the way you work hand in glove with this blood-sucking APC in pushing propaganda as if you are not in the country. All the figures end up in paper and digital records, it doesn't reflect in the streets or markets. Wetin concern agbero or market woman with oil price is dropped.

Wimkeh:
Which means our export revenue will also drop since oil price is dropping. Meaning forex reserve will also take some hit.

But good news for PMS.

Yes! Trump is planning to crash it down further via ramping up shale production.

Time Will tell.

Lies

But wait first, if OPEC is controlling crude price via production output, does that still make it a free market? 🤔