Nigeria's Petrol Prices Set to Drop Below N1,000 Soon

Following the reopening of the Strait of Hormuz due to a ceasefire agreement involving the United States, Iran, and Israel, experts predict a gradual decline in petrol prices in Nigeria. Dayo Ayoad, an energy law expert at the University of Lagos, noted that while global oil prices have begun to drop, the benefits may not be immediately felt in Nigeria's downstream market.

Olatid Jeremiah, Chief Executive Officer of petroleumpric.ng, warned that local market adjustments may lag behind global price changes. Current petrol prices in Nigeria stand at N1,261 per liter, with expectations to fall below N1,000, potentially reaching around N900 per liter if conditions remain stable.

Joseph Obel, a representative of the Petroleum Product Retail Outlet Owners Association of Nigeria, urged the Nigerian National Petroleum Company to expedite refinery operations to further reduce fuel costs. Muda Yusuf, founder of the Centre for Promotion of Private Enterprise, emphasized that while crude oil prices are declining, immediate relief at the pump may take a few weeks to materialize.