Domestic prices of petrol and diesel are expected to decline following a sharp drop in global crude oil 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 about $100 per barrel.

The decline comes after Iran announced that the Strait of Hormuz has been fully reopened for vessel passage.

The development has begun to reflect in Nigeria’s downstream petroleum market, where depot marketers have slightly reduced fuel prices.

Petrol prices at depots now range between N1,205 and N1,206 per litre— about N5 to N6 higher than the Dangote Refinery price of N1,200 per litre.
This pricing trend was observed among marketers such as Aiteo, Bono, and NIPCO.

Meanwhile, diesel prices at depots in Lagos, including Menj and Duport, stood at N1,775 per liter.
Market observers say the drop in crude oil prices has triggered panic selling among depot marketers.

Despite this, retail pump prices have remained unchanged as of filing this report, with petrol selling between N1,290 and N1,333 per litre, while diesel ranges from N1,850 to N1,900 per litre.

The President of the Independent Petroleum Marketers Association, Abubakar Maigandi, confirmed the development, noting that further reductions are likely if the downward trend in crude prices persists.

“We expect fuel prices to drop in the coming days if crude oil prices continue to decline,” he told DAILY POST.