Crude oil prices plummet significantly, raises hopes of petrol cuts in Nigeria

Crude oil prices dropped by nearly 8 percent after President Donald Trump of the United States announced a postponement of the deadline given to Iran for the reopening of the Strait of Hormuz.

Checks by DAILY POST on Monday showed that Brent and West Texas Intermediate crude blends dropped by 8 and 7 percent to 103.7 and 91.38 per barrel as of Monday afternoon.

Recall that President Donald on Monday shifted his deadline to Iran by five days over what he described as talks with Iran.

However, Iranian authorities had denied contacting Trump for talks either directly or indirectly.

Last week, Nigerians experienced a major domestic fuel hike after Dangote Refinery increased its gantry price to N1,245 per liter as part of the ripple effect of the Iran-United States-Israel war. Currently, retail fuel prices surged to between N1,367 and N1,440 across filling stations in Abuja and environs. With the latest drop in crude oil, Dangote Refinery is expected to reduce the petrol price.