Crude Oil Prices Drop, Nigerian Petrol Prices Remain High

On Wednesday, crude oil prices dropped to $71.21 per barrel, with the U.S. benchmark West Texas Intermediate falling to $68.16, marking the lowest levels since the onset of the U.S.-Iran conflict on February 28. Despite this decline, petrol prices in Nigeria remain elevated, with the Nigerian National Petroleum Company limiting retail prices above N1,000 per liter.

Observations indicated that petrol was sold at N1,210 per liter in Ibafo, Ogun State, and averaged N1,160 along the Lagos-Ibadan Expressway. Heineken Lokpobiri, the Nigerian Minister of State for Petroleum Resources, warned against profit exploitation in the fuel market, emphasizing that deregulation does not absolve the government of its responsibility to protect consumers.

The Federal Competition and Consumer Protection Commission expressed concerns over potential consumer exploitation due to the failure of fuel prices to decline significantly despite falling crude prices.