Global crude oil prices have dropped by nearly two per cent as the Iran–United States–Israel conflict enters its third month, raising renewed expectations of a possible reduction in petroleum product prices in Nigeria.
Checks on Friday showed that Brent crude and West Texas Intermediate (WTI) recorded fluctuations during trading, with prices briefly surging earlier in the week before easing later in the day.
Brent crude stood at $87.30 per barrel, while West Texas Intermediate traded at $91.96 per barrel, reflecting a 1.80 per cent and 1.87 per cent movement respectively.
The decline follows a short-lived spike recorded between Wednesday and Thursday amid ongoing tensions in the Gulf region.
The development has strengthened expectations that fuel prices may ease in Nigeria, where pump prices have surged significantly in recent months due to global supply disruptions.
The crisis in the Middle East escalated after the United States imposed fresh sanctions on Iran linked to developments around the Strait of Hormuz, a critical global oil shipping route.
Since February 28, 2026, the conflict has disrupted global energy markets, with ripple effects across several economies, including Nigeria’s downstream petroleum sector.
In Nigeria, petrol prices have risen sharply to between ₦1,345 and ₦1,365 per litre, up from about ₦900 per litre earlier in the year.
However, local refining capacity, particularly from Dangote Refinery, has helped stabilize supply and support product availability across the country and parts of Africa.
Reports also indicate that Dangote Refinery recently reduced its automotive gas price to about ₦1,600 per litre from roughly ₦1,800, reflecting adjustments in response to global market movements.
Market analysts say sustained declines in crude prices could eventually ease domestic fuel pricing pressure, although exchange rate instability and logistics costs remain key determining factors.
