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Emmanuel Addeh in Abuja
International crude oil prices have tumbled to levels last seen before the outbreak of hostilities involving Iran earlier this year, with Nigerians looking forward to a corresponding reduction in domestic petrol prices, which have remained stubbornly high despite the sharp decline in the global oil market.
Brent crude, the global benchmark against which Nigeria’s oil is priced, briefly fell below $72 a barrel yesterday before recovering slightly to about $73, effectively erasing the war premium that had pushed prices significantly higher following the conflict and fears of disruptions to global energy supplies.
