The price of Premium Motor Spirit (petrol) could decline further if crude oil prices continue to drop. This trend may be reinforced by the naira's stability against the dollar in the foreign exchange market. Crude oil prices fell by about two per cent to a 12-week low this week, following reports that OPEC+ will proceed with its planned oil output increase in April. Brent crude dropped by $1.19 (1.6 per cent) to settle at $71.62 per barrel, while the United States West Texas Intermediate (WTI) crude declined by $1.39 (two per cent) to close at $68.37. *Reuters* reported that these were the lowest closing prices for Brent since December 6 and WTI since December 9. The Organisation of the Petroleum Exporting Countries and its allies, including Russia (OPEC+), have confirmed their decision to proceed with the scheduled output hike in April. Experts in Nigeria’s downstream oil sector highlight crude oil prices and exchange rates as key factors influencing the cost of refined petroleum products. Last week, the Dangote refinery reduced its ex-depot PMS price from N890 per litre to N825. Similarly, the Nigerian National Petroleum Company Limited (NNPCL) matched Dangote’s price, igniting what industry players describe as a price war.