Gasoline prices are expected to drop below N700 per liter.
Nigeria News Nalin The report said that if crude oil prices continue to fall, the cost of Nigerian gasoline could be further reduced.
Naira’s relative stability to the US dollar in the forex market supports this trend.
Recently, oil prices have fallen by about 2%, reaching their lowest levels in 12 weeks. Brent crude fell to $71.62 a barrel, while West Texas Intermediate (WTI) crude fell to $68.37 a barrel.
These declines come after OPEC+ confirms that it will increase planned oil production in April.
In Nigeria, the prices of refined petroleum products are largely affected by the global crude oil market and exchange rates.
Last week, the Dangote refinery lowered its gasoline price from N890 per liter to N825, prompting the Nigerian National Petroleum Corporation Limited (NNPCL) to match that price, leading to some people calling it a “price war.”
Economist Paul Alaje believes that the price cut is sustainable and shows that gasoline could drop below N700 per liter if market conditions remain favorable.
However, he warned that the global crisis could push crude oil prices higher, which would affect fuel costs.
Billy Gillis-Harry, president of the Nigerian Petroleum Products Retail Store Owners Association (PETROAN), also pointed out that gasoline prices will continue to fluctuate based on exchange rates and international crude oil prices.
Despite the current price decline, crude oil prices remain below the benchmark $74 per barrel in the 2025 Nigerian budget.
Currently, lower crude oil means more affordable fuel for Nigerians.
