Nigerians may soon get some relief at the pump. Global crude oil prices have fallen after US President Donald Trump signalled that Washington could lift sanctions on tankers carrying oil and fuel from Venezuela, Russia and Iran. The aim is to ease a growing shortage of oil tankers.
Brent and WTI Crude Prices Fall
A market survey by DAILY POST on Thursday showed that Brent crude slipped to $104 per barrel, down from as high as $106 the previous day. West Texas Intermediate (WTI) fell to $94 per barrel from $96.
That works out to a day-on-day decline of 1.48 per cent for Brent and 2.08 per cent for WTI, The News Edition reports.
Why Oil Prices Are Falling
US officials say they are in talks about lifting sanctions on vessels in the so-called shadow fleet operating around the Gulf region. The discussions came one day after Trump temporarily lifted sanctions on Russian diesel.
The moves come as the Trump administration heads into midterm elections while energy prices remain high. The wars involving Iran, and Russia and Ukraine, have pushed prices up and strained many economies.
In the United States, gasoline now costs about $1.23 per litre, or $4.33 per gallon.
Petrol Price in Nigeria Remains Volatile
At home, petrol prices continue to swing. Motorists in Abuja and surrounding areas are paying between N1,370 and N1,420 per litre.
Whether the fall in global crude will translate into cheaper petrol at Nigerian filling stations is still uncertain.
Fuel Subsidy Debate Heats Up Ahead of 2027 Election
The price swings have reignited the debate over bringing back fuel subsidies. Opposition leader Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate, has made the issue a campaign talking point ahead of the January 16, 2027 presidential election.
President Bola Ahmed Tinubu, who is seeking re-election, has held firm against subsidies. However, Finance Minister Taiwo Oyedele recently announced a proposed fuel discount programme at the Nigerian National Petroleum Company Limited (NNPCL).
Petroleum retailers and marketers have asked the government to extend the discount to other filling stations nationwide, not just NNPCL outlets.
Source: DailyPost