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Crude oil prices have fallen from over $120 to about $87 per barrel amid hopes of a US–Iran peace deal and improved stability in the Middle EastThe drop in global oil prices is raising expectations that petrol prices in Nigeria could fall significantly, potentially to around N900 per litreMarketers and refinery operators say further price cuts may happen, but existing higher-cost crude stocks could delay immediate reductions
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
Global crude oil prices have been on a steady decline following renewed optimism over a possible peace arrangement between the United States and Iran.
Industry analysts say the development, along with expectations of improved stability in the Middle East, could further weaken oil prices in the coming days.
Petrol Price May Crash to N900/Litre as Crude Oil Falls, US-Iran Peace Deal LoomsSource: UGC
Benchmark crude, which had surged above $120
