By Dotun Olaope
Business Correspondent
Consumers may soon see significant relief at fuel stations as global crude oil prices continue to decline, prompting expectations of sharp cuts in petrol and diesel prices across the country.
Industry analysts point to a sustained drop in Brent crude prices, which recently fell below key thresholds due to weakening global demand, increased supply, and ongoing economic uncertainties in major economies. This trend is expected to translate into lower landing costs for refined petroleum products.
Sources within the downstream oil sector say adjustments to pump prices could be announced in the coming days if the downward trend persists, especially in deregulated markets where price reviews are tied closely to international oil movements.
The anticipated reductions are expected to ease pressure on transport operators and consumers alike, offering a temporary reprieve from months of high energy costs that have contributed to inflation and increased the cost of living.
However, experts also caution that global oil prices remain volatile and subject to geopolitical influences, meaning any relief could be short-lived if supply disruptions or political tensions arise.
