Nigeria's Petrol Price Set to Drop to N900 per Liter

Petrol prices in Nigeria are projected to decrease to N900 per liter as a result of a successful peace agreement between the United States and Iran. This agreement is anticipated to lead to a decline in global crude oil prices, which have recently fallen due to ongoing conflicts in the Middle East.

The conflict had previously driven crude prices above $100 per barrel, causing petrol prices in Nigeria to rise to around N1,300 per liter. With the potential reopening of the Strait of Hormuz, a critical oil shipping route, market watchers believe that domestic fuel prices will adjust accordingly.

The Dangote Petroleum Refinery is expected to review its pricing based on these developments. Current ex-depot prices indicate a downward adjustment, with optimism among petroleum retail outlet owners that prices could fall below N1,000 per liter once the Strait of Hormuz is fully reopened and crude oil returns to pre-conflict levels.