The price of petrol has remained high even as crude oil prices crashed to $73 per barrel on Wednesday, their lowest level since the US-Iran conflict began in February.
According to Oilprice.com, crude oil fell from $76.75 per barrel on Tuesday to $73.50 on Wednesday, extending the decline in oil prices since the United States and Iran signed a peace deal.
However, petrol prices have yet to drop in line with the latest crude oil rates. As of Wednesday, many filling stations were still selling petrol at about N1,205 per litre, a price many consumers said does not reflect current global oil prices.
Following the drop in crude oil prices from a high of about $120 per barrel during the United States-Iran conflict to around $73 after a peace deal was reached on June 14, many Nigerians expected petrol prices to fall below N1,000 per litre. That expectation has yet to materialise.
Recently, the Dangote refinery reduced its petrol gantry price by N75 per litre, from N1,250 to N1,175, prompting importers to also adjust their prices downward.
