Domestic prices of petrol and diesel may witness a downward adjustment following a sharp fall in global crude oil prices after the reopening of the Strait of Hormuz.
Findings on Saturday showed that benchmark crude grades, West Texas Intermediate and Brent crude, dropped by about 11 per cent and nine per cent to $83.85 and $90.38 per barrel, respectively, from previous levels of around $100.
The price dip followed an announcement by Iran confirming the full reopening of the Strait of Hormuz to maritime traffic, easing earlier supply concerns.
The development has begun to impact Nigeria’s downstream petroleum sector, with depot operators adjusting prices marginally.
Petrol prices at depots were observed to hover between N1,205 and N1,206 per litre, slightly above the N1,200 per litre offered by the Dangote Refinery.
Major marketers, including Aiteo, Bono Energy, and NIPCO, were among those reflecting the marginal price adjustments.
Similarly, diesel prices at depots in Lagos, such as Menj and Duport Midstream Company, stood at about N1,775 per litre.
Industry watchers attributed the trend to panic selling among depot owners reacting to the sudden drop in crude prices.
However, checks indicated that retail pump prices have yet to reflect the changes, with petrol selling between N1,290 and N1,333 per litre, while diesel ranged from N1,850 to N1,900 per litre as of the time of filing this report.
The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, confirmed the development, noting that further reductions could occur if crude oil prices continue to fall.
He said, “We expect fuel prices to decline in the coming days if the drop in crude oil prices is sustained.”
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