Fuel, diesel prices set to drop in Nigeria as crude oil slumps

Domestic prices of petrol and diesel are expected to diminution pursuing a crisp driblet successful planetary crude lipid prices triggered by the reopening of the Strait of Hormuz.

As of Saturday morning, DAILY POST reports that West Texas Intermediate (WTI) and Brent crude fell by 11 percent and 9 percent to $83.85 and $90.38 per barrel, respectively, down from astir $100 per barrel.

The diminution comes aft Iran announced that the Strait of Hormuz has been afloat reopened for vas passage.

The improvement has begun to bespeak successful Nigeria’s downstream petroleum market, wherever depot marketers person somewhat reduced substance prices.

Petrol prices astatine depots present scope betwixt N1,205 and N1,206 per litre— astir N5 to N6 higher than the Dangote Refinery terms of N1,200 per litre.
This pricing inclination was observed among marketers specified arsenic Aiteo, Bono, and NIPCO.

Meanwhile, diesel prices astatine depots successful Lagos, including Menj and Duport, stood astatine N1,775 per liter.
Market observers accidental the driblet successful crude lipid prices has triggered panic selling among depot marketers.

Despite this, retail pump prices person remained unchanged arsenic of filing this report, with petrol selling betwixt N1,290 and N1,333 per l...