THERE are indications that major players in Nigeria’s downstream sector would announce a reduction in the prices of Premium Motor Spirit, PMS, also known as petrol this week 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 to benchmark the prices of other crudes, including Nigeria’s Bonny Light.

In a chat with newsmen Sunday, the Chairman of the Lagos State Chapter of Petroleum Products Retail Outlet Owners Association of Nigeria, PETROAN, Ehimen Joseph, said: “This should be expected in a deregulated market. If the fall in crude oil prices persists for awhile, it would impact developments in the value chain.”

Similarly, another operator, who pleaded anonymity, said: “Everything is pointing towards pump price reduction this week. One of the nation’s refineries has stopped printing its petrol tickets.

“There are claims there would be a petrol price review before Tuesday, all those who paid for program are likely to get discount on the new price, then issued tickets.

“This is a reflection of the general fall in the prices of crude oil in the international market. Crude oil prices started falling after the Organisation of Oil Producing Countries and its allies, also known as OPEC+ decided to increase oil output by 410,000 barrels per day starting in May 2025.”
According to petroleumprice.ng, 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.
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 support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.”