This post was originally published on this site.
Brent crude fell more than 4.8% to about $83.70 per barrel following renewed US-Iran diplomatic talksNigeria’s deregulated fuel market means international crude prices directly shape what consumers pay at the pumpAnalysts warn that naira movements and stock purchased at higher prices could delay any relief for Nigerian motorists
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Global crude oil prices recorded one of their steepest single-day drops in recent months on Monday, raising cautious expectations that petrol prices in Nigeria may ease if the decline holds.
Brent crude, the benchmark tied to Nigerian oil exports, shed more than 4.8% to settle at about $83.70 per barrel, while U.S. West Texas Intermediate (WTI) dropped over 5% to around $79.60 per barrel.
Fresh hopes emerge for cheaper petrol as international crude prices slide sharply. Photo: BloombergSource: Getty Images
The selloff
