Global crude oil prices dropped by more than 14 per cent yesterday as tensions in the Middle East eased, but Nigerians continue to grapple with rising petrol and diesel prices.
Brent crude, which opened around $114 per barrel, fell sharply to about $98 by the close of trading following signals of possible de-escalation between the United States and Iran.
The shift in market sentiment came after U.S. President Donald Trump revealed that Washington and Tehran had held “very good and productive conversations” over the past two days aimed at resolving hostilities in the region.
Reports also indicated a softer tone from Iran’s Islamic Revolutionary Guard Corps, which denied targeting desalination facilities in Gulf states and warned that attacks on energy infrastructure could trigger severe humanitarian consequences.
Despite the drop in global crude prices, the domestic fuel situation in Nigeria remains harsh.
Petrol currently sells between N1,261 per litre at stations operated by Nigerian National Petroleum Company Limited and about N1,400 at other major and independent retail outlets in Abuja.
Meanwhile, the Dangote Refinery has raised its ex-depot petrol price about five times since the crisis began, with the latest increase pushing the price to about N1,275 per litre.
A commercial driver, Friday Abba, said the current pump price is unbearable for motorists and transport operators, warning that the rising costs will inevitably be transferred to commuters and consumers.
Many Nigerians, he noted, are already struggling to cope with the high cost of transportation and basic goods.
Reacting to the situation, the Nigeria Employers’ Consultative Association, through its Director-General Adewale‑Smatt Oyerinde, warned that rising energy costs are putting intense pressure on businesses and households.
He said diesel prices are nearing N1,800 per litre in some areas, squeezing manufacturers, farmers and logistics operators.
Oyerinde urged the government to stabilise the downstream sector and pursue structural reforms, stressing that Nigeria’s economic resilience will depend not on oil prices alone but on how effectively they are managed.