Nigeria Anticipates Lower Fuel Prices as Global Crude Rates Decline

Global crude oil prices fell by almost two percent as the Iran‑United States‑Israel conflict entered its third month.

Checks by DAILY POST on Friday showed that Brent and West Texas Intermediate (WTI) crudes rose by 1.80 percent and 1.87 percent, respectively, to $87.30 and $91.96 per barrel in the afternoon.

This follows a brief surge in crude blends between Wednesday and Thursday.

The decline in crude prices has increased expectations that retail petroleum prices in Nigeria will drop.

Recall that the U.S. government recently imposed sanctions on Iran over the Strait of Hormuz, which controls a significant portion of the world’s crude shipments.

DAILY POST reports that since February 28, 2026, the Gulf region has been in crisis after the escalation of the conflict between Iran and the U.S.–Israel coalition.

The crisis has negatively affected global economies, including Nigeria’s downstream energy market. For example, fuel prices in Nigeria rose to between N1,345 and N1,365 per liter from around N900 per liter.

However, Dangote Refinery has helped maintain petroleum product stability and availability in Nigeria and across Africa.

Recall that Dangote Refinery recently lowered its automotive gas price to N1,600 per liter from around N1,800.