By George OPARA
Global crude oil prices has lowered by about two percent as the Iran-United States-Israel spanned for three months.
Spear News Nigeria investigation Friday showed that Brent and West Texas Intermediate crudes recorded an uptick of 1.80 percent and 1.87 percent to $87.30 and $91.96 per barrel on Friday afternoon.
This development followed after the price of the crude blends surged briefly between Wednesday and Thursday.
The fall in crude oil price has further raised the expectation of a petroleum product retail price drop in Nigeria.
Spear News Nigeria recalls that the US government recently announced sanctions on Iran over the Strait of Hormuz, which controls a significant percentage of the world’s global crude shipment.
It would be noted that since February 28, 2026, the Gulf region has been thrown into crisis sequel to the escalation of the conflict between Iran and the US-Israel.
The crisis had negatively impacted world economies, including Nigeria’s domestic energy downstream market. For instance, fuel prices in Nigeria increased to between N1,345 and N1,365 per liter from around N900 per liter.
But Dangote Refinery had helped ensure petroleum product price stability and availability in Nigeria and across the African continent.
Dangote Refinery, however, recently reduced its automotive gas price to N1,600 per liter from around N1,800.
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