Petrol prices could fall to as low as N900 per litre if the proposed peace agreement between the United States and Iran succeeds and crude oil prices continue to decline, industry operators have said.
Crude oil prices have dropped from over $120 per barrel during the conflict to about $87 per barrel, raising hopes of lower fuel costs. A source at the Dangote Petroleum Refinery said cheaper petrol was possible, although the refinery still holds crude purchased at higher prices.
Industry stakeholders noted that a continued decline in crude prices and the reopening of the Strait of Hormuz could trigger another round of reductions in petrol, diesel and aviation fuel prices across Nigeria.
