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- Dangote and NNPC whitethorn reverse their petrol prices owed to the autumn successful crude lipid prices to $65 per barrel, the lowest since 2021
- The clang successful crude prices was blamed connected marketplace shocks caused by President Trump’s tariffs and OPEC’s program to rise output
- Already, depots person reduced petrol prices from N930 to N912 and N913, respectively, pursuing the crude drop
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
There are signs that Nigerians whitethorn wage little astatine the pumps for petrol pursuing the clang successful the Brent crude price, which dropped to $65 per tube from $69.90 successful the planetary market.
Brent, the planetary benchmark for crude prices, fell connected Friday, April 4, 2025, arsenic President Donald Trump embarked connected a tariff hike spree.
Source: Getty Images
OPEC’s plans to rise production
Experts accidental the announcement led to a planetary banal terms crash, affecting lipid prices and Trump’s telephone for the Organisation of Petroleum Exporting Countries (OPEC) to rise crude output besides affected prices.
Findings amusement that OPEC and its allies mulled expanding crude accumulation by 410,000 regular by May 2025, supra the 135,000 barrels.
Filling stations and depots driblet prices
Following the crude terms crash, petrol stations successful Nigeria person reduced their pump costs to N918 from N920 per litre.
Also, depot prices person crashed to betwixt N912 and N913 per litre respectively.
Recall that Dangote Refinery raised its petrol prices from N860 astatine its spouse retail outlets to N930 per litre, which analysts blamed connected the illness of the naira-for-crude woody betwixt home refineries and the Nigerian government.
The mega refinery had told lipid marketers that it was pausing the income of petroleum products successful naira owed to the deal’s collapse.
The determination resulted successful an instant summation successful petrol prices by marketers.
Also, the Nigerian National Petroleum Company Limited (NNPC) announced a petrol terms increase from N860 per litre to N925 successful Lagos and N960 successful the North.
Though NNPC did not explicate the crushed for the terms hikes, analysts accidental it was owed to the then-rising crude prices, which stood astatine $73.73 per barrel.
Dangote Refinery and NNPC whitethorn reverse prices
Analysts judge lipid marketers would apt set their prices arsenic they get caller supplies.
Vanguard quoted Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), arsenic saying the improvement would extremity successful low-cost proscription of goods and services.
Meanwhile, OPEC said successful a study that 8 OPEC+ countries, which announced further voluntary adjustments successful April and November 2023, met virtually to reappraisal the planetary marketplace outlook.
OPEC members meet
The countries see Russia, Saudi Arabia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.
The study stated that pursuing steadfast marketplace conditions and a affirmative outlook, the cartel volition commencement a gradual and flexible instrumentality to the 2.2 cardinal barrels per time voluntary accommodation from April 1, 2025.
It stated that the 8 countries would instrumentality a accumulation accommodation of 411,000 barrels per day, equivalent to 3 monthly increases successful May 2025.
Source: Getty Images
OPEC said the summation whitethorn beryllium halted oregon reversed depending connected evolving marketplace conditions.
It said the flexibility volition let the radical to proceed to enactment marketplace stability.
Oil marketers foretell caller petrol prices
Legit.ng earlier reported that determination is hostility successful the downstream lipid assemblage arsenic players await the determination of the Nigerian authorities connected the naira-for-crude woody betwixt the NNPC and the Dangote Refinery.
The six-month deal, which started successful October past year, ends connected March 31, 2025.
Stakeholders are eagerly waiting for the deal's extension oregon a halt arsenic the parties progressive person yet to agree.
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Source: Legit.ng
