Fuel Prices in Nigeria May Drop as Oil Prices Fall

Fuel prices in Nigeria are expected to decrease as global oil prices continue to decline, influenced by ongoing peace talks between the United States and Iran. Last week, oil prices fell by $1.11, and predictions suggest a major drop is imminent, potentially bringing prices down to $97.

Brent crude was reported to hover between $103 and $105. The conflict, which began on February 28, has seen crude oil prices rise above $100, leading to increased fuel prices in Nigeria, where petrol is currently priced at N1,300 per liter.

U.S. President Donald Trump announced a proposed agreement to reopen the Strait of Hormuz, a critical shipping lane for global oil, which could further impact prices.

Iran's Foreign Ministry spokesman Esmail Baqai confirmed progress in talks with the U.S., although a formal agreement is not imminent. The negotiations reportedly involve a 60-day ceasefire and discussions on Iran's nuclear program.