US-Iran Truce Could Cut Petrol Price to N900 Per Litre — Operators
Abuja, Nigeria – Petroleum industry operators have projected that the price of petrol in Nigeria could fall to about N900 per litre if the ceasefire between the United States and Iran holds and global crude oil prices continue their downward trend.
The operators said easing tensions in the Middle East could stabilize the international oil market and reduce pressure on petroleum product prices, creating room for lower pump prices in Nigeria. Similar projections have been made by fuel marketers, who argue that sustained declines in crude oil prices could push petrol prices below N1,000 per litre and possibly toward the N900 range.
According to industry stakeholders, fluctuations in global oil prices have a direct impact on the cost of refined petroleum products, making developments in major oil-producing regions critical to Nigeria’s downstream sector.
They noted that a lasting truce would help improve market confidence, increase supply stability, and reduce fears of disruptions to global crude shipments, particularly through strategic routes such as the Strait of Hormuz.
The operators, however, cautioned that the expected reduction would depend on the sustainability of the peace agreement and the extent to which lower crude prices are reflected in domestic fuel pricing.
They also emphasized the importance of strengthening local refining capacity to shield Nigeria from external shocks and ensure more stable fuel prices in the long term.
The development has raised hopes among motorists and businesses struggling with high energy costs, as Nigerians continue to seek relief from rising living expenses and inflationary pressures.
