Motorists could see some relief at the pumps in the coming weeks after the OPEC+ alliance agreed to increase crude oil production by an additional 188,000 barrels per day starting next month.
The decision comes as the global oil market continues to recover from supply disruptions caused by the recent conflict involving Iran, which affected a significant portion of global crude exports and pushed oil prices higher.
By boosting production, OPEC+ aims to improve global oil supply and stabilise the market. Analysts say the additional output could help ease pressure on international crude prices, potentially leading to lower petrol and diesel prices in countries that rely on imported refined petroleum products, including Nigeria.
However, experts caution that the impact on retail fuel prices will also depend on other factors such as global demand, shipping costs, exchange rates, and domestic pricing policies.
Although the planned increase is expected to improve supply, consumers may not experience immediate reductions at filling stations, as fuel prices often take time to respond to changes in global crude oil markets.
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The latest move by OPEC+ is being closely watched by governments, energy traders and consumers seeking relief from rising energy costs.
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