A respite for domestic fuel prices and other petroleum products may be in sight as global crude oil prices eased after United States President Donald Trump hinted at lifting sanctions on tankers used to transport oil and fuel from Venezuela, Russia and Iran in a bid to ease a deepening tanker crunch.
A market survey on Thursday showed that Brent and West Texas Intermediate (WTI) crude prices retreated to $104 and $94 per barrel, respectively, from as high as $106 and $96 the previous day.
This means that Brent and WTI crude prices dropped by 1.48 per cent and 2.08 per cent, respectively, on a day-to-day basis.
US government officials had said the country was in talks about lifting sanctions on vessels in the shadow fleet operating around the Gulf region. The discussions came a day after Trump temporarily lifted sanctions on Russian diesel fuel.
The move came as the Trump administration faced midterm elections amid soaring energy prices driven by the wars involving Iran and Russia and Ukraine.
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In the US, the price of gasoline rose to $1.23 per litre, while a gallon sold for $4.33. It was reported that skyrocketing energy prices have pushed many economies to the brink.
Nigeria’s domestic fuel prices have remained volatile, with petrol selling for between N1,370 and N1,420 per litre in Abuja, the nation’s capital, and its environs.
The price fluctuations have intensified debates over the possible return of fuel subsidies, an issue championed by opposition leader Atiku Abubakar, the presidential candidate of the African Democratic Congress, ADC, ahead of the January 16, 2027, presidential election.
While President Bola Ahmed Tinubu, who is seeking re-election, has maintained a firm stance against fuel subsidies, the Minister of Finance, Taiwo Oyedele, recently announced a proposed fuel discount programme at the Nigerian National Petroleum Company Limited, NNPCL.
Petroleum product retailers and marketers have, however, called for the extension of the fuel discount to other filling stations across Nigeria.
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[…] Read Also: Global crude oil drop raises hopes of petrol reduction in Nigeria […]