The price of Premium Motor Spirit (PMS), popularly known as petrol, could fall to around N900 per litre if the proposed peace agreement between the United States and Iran is successfully implemented and global crude oil prices continue to decline.
The expectation follows fresh developments in the Middle East, where efforts to end months of hostilities have pushed international oil prices downward.
Crude oil prices, which climbed sharply during the conflict, have dropped significantly in recent days as investors react positively to reports of a ceasefire framework and plans to reopen the Strait of Hormuz, one of the world’s busiest oil shipping routes.
Industry operators believe the development could eventually reflect in domestic fuel prices, especially as crude oil remains the major raw material for refined petroleum products.
Market watchers recalled that the prolonged crisis in the Middle East forced crude prices above the $100 per barrel mark, with some periods seeing
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