Lower petrol prices on the horizon as global crude drops on US-Iran deal hopes
By Aboki Forex —
Fresh hopes of lower petrol and diesel prices are rising across Nigeria. Expectations of a possible United States-Iran agreement are pushing global crude oil prices downward.
Industry sources say Dangote Petroleum Refinery may soon review its ex-gantry fuel prices. This will happen if the decline in international oil prices continues in the coming days.
The development has triggered anxiety in the downstream market. Many marketers are reportedly delaying fresh fuel purchases. They expect a major price reduction soon.
Global oil prices weakened after reports emerged that Washington and Tehran had reached a breakthrough agreement. The deal could reopen the Strait of Hormuz, one of the world's most critical oil shipping routes.
Brent crude fell below $84 per barrel. This reversed part of the sharp gains recorded in previous weeks. The easing tensions in the Middle East have raised hopes for Nigerian consumers struggling with high transport and living costs.