Analysts suggest that there may be relief in fuel prices as Brent crude oil prices have recently dropped significantly to approximately 73 dollars per barrel. This decline in oil prices could potentially lead to lower fuel costs for consumers.

Depot prices for Premium Motor Spirit (PMS), or petrol, have decreased across various terminals in Lagos, with Rain Oil leading the reduction by cutting prices by N18 per litre. Additionally, diesel prices have also seen a significant drop, falling by up to N70 per litre. This adjustment in prices comes as petroleum marketers respond to changing supply dynamics in Nigeria's downstream oil market, according to Vanguard Business.

The South African Motor Body Repairers’ Association (SAMBRA) has called on insurers to implement consistent relief measures related to fuel costs, citing that the ongoing volatility in fuel prices is creating significant financial strain on motor body repairers.

Nigerian marketers have confirmed that they have received new fuel import licences from the Federal Government for the third quarter of 2026. This development is expected to ensure a stable supply of petroleum products across the nation.

According to Nairametrics, the average retail price of Premium Motor Spirit, or petrol, increased by 55.31% year-on-year, reaching N1,596.25 per litre in May 2026.

Global oil prices have decreased to levels not seen since before the US-Iran war, leading to expectations for lower petrol prices, according to Daily Trust. Despite this drop, fuel prices in Nigeria continue to exceed N1,000, raising concerns about the slow transmission of global market changes to local consumers and businesses.