Hopes of fuel price slash in Nigeria rises as global crude rates drop

Global crude oil prices has dropped by nearly two percent as the Iran-United States-Israel war entered three months.

Checks by DAILY POST on Friday showed that Brent and West Texas Intermediate crudes surged by 1.80 percent and 1.87 percent to $87.30 and $91.96 per barrel on Friday afternoon.

This comes after the price of the crude blends surged briefly between Wednesday and Thursday.

The drop in crude oil price has further heightened the hope of a petroleum product retail price drop in Nigeria.

Recall that the US government recently announced sanctions on Iran over the Strait of Hormuz, which controls a significant percentage of the world’s global crude shipment.

DAILY POST reports that since February 28, 2026, the Gulf region has been thrown into crisis following the escalation of the conflict between Iran and the US-Israel.

The crisis had negatively impacted world economies, including Nigeria’s domestic energy downstream market. For instance, fuel prices in Nigeria increased to between N1,345 and N1,365 per liter from around N900 per liter.

However, Dangote Refinery had helped ensure petroleum product price stability and availability in Nigeria and across the African continent.

Recall that recently Dangote Refinery reduced its automotive gas price to N1,600 per liter from around N1,800.