Global crude oil drop raises hopes of petrol reduction in Nigeria
A respite for domestic fuel prices and other petroleum products may be in sight as global crude oil prices eased after United States President Donald Trump hinted at lifting sanctions on tankers used to transport oil and fuel from Venezuela, Russia and Iran in a bid to ease a deepening tanker crunch. A market survey […] Global crude oil drop raises hopes of petrol reduction in Nigeria
Recent easing of global crude oil prices has sparked optimism for a potential reduction in petrol prices in Nigeria. Following US President Donald Trump's hint at lifting sanctions on tankers from Venezuela, Russia, and Iran, crude oil prices dropped to $104 and $94 per barrel for Brent and West Texas Intermediate (WTI) respectively.
This represented a 1.48 percent and 2.08 percent decrease in a day. The moves came as US government officials confirmed talks about lifting sanctions on vessels in the Gulf region's shadow fleet. The issue of fuel subsidies, championed by opposition leader Atiku Abubakar, has been a contentious topic in Nigeria, with President Bola Ahmed Tinubu firmly opposing their return.
However, the Minister of Finance, Taiwo Oyedele, recently proposed a fuel discount program at the Nigerian National Petroleum Company Limited. Retailers and marketers of petroleum products have urged the extension of this discount to all filling stations nationwide.
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