Nigerians can expect relief in transportation costs, goods, and services as oil marketers announce adjustments following a significant drop in global oil prices. Brent crude oil prices have fallen to $65 per barrel, down from $69.90 per barrel, marking a positive shift for consumers across the nation.
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed optimism that this development would lead to reduced costs for Premium Motor Spirit (PMS), commonly known as petrol, and subsequently lower expenses for goods and services.
Depot prices have already seen reductions, with major suppliers adjusting their rates. For instance, depot prices for Mainland, A.Y.M., and Ever have dropped to N918 per liter from N920, while Prudent, Eterna, and Soroman have seen similar decreases. These changes are expected to reflect at the pump in the coming weeks, providing much-needed financial relief to Nigerians.
The drop in oil prices is attributed to global market dynamics, including increased production by OPEC+ countries and recent geopolitical developments. As the fundamentals persist, oil marketers are committed to ensuring that consumers benefit from these favorable conditions.