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Global crude oil prices have fallen to about $73 per barrel following a peace agreement between the US and Iran, but petrol prices in Nigeria remain highPETROAN has urged refiners, depot owners, and importers to reduce prices in line with lower crude oil costsIndustry sources say fuel prices have not fallen further because refiners are still processing crude oil purchased at higher prices during the Middle East conflict
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
Petrol prices across Nigeria have remained stubbornly high despite a significant decline in global crude oil prices, raising concerns among consumers who expected lower fuel costs following easing tensions in the Middle East.
Data from Oilprice.com showed that crude oil prices dropped from $76.75 per barrel on Tuesday to $73.50 per barrel on Wednesday, June 23, 2026, marking their lowest level since the United States-Iran conflict began earlier
