By Oke Peter
Crude oil prices dropped slightly to $73 per barrel on the global market, down from $74, as tensions between Israel and Iran began to ease.
The decline follows Iran’s expressed willingness to de-escalate and re-engage in nuclear negotiations with Israel, signaling a potential diplomatic breakthrough.
As a result, Brent crude—the global oil price benchmark—fell to $73.06 per barrel from over $74.20, marking a 1.5% decrease.
Petrol depot prices surge to N930/Litre
Despite the easing international tension, Nigeria’s domestic petrol prices had already spiked, with Premium Motor Spirit (PMS) reaching between N838 and N920 per litre.
Fynefield saw the steepest hike, raising its price to N930 per litre from N867—a 7.27% increase. In contrast, Dangote Petroleum Refinery slightly reduced its price to N838 per litre from N840, reflecting a marginal 0.24% drop.
Other depots recorded increases:
Rainoil (Lagos): N900 from N850 (5.88%)
Mainland: N920 from N869 (5.87%)
Sigmund: N920 from N868 (5.99%)
Ever: N920 from N870 (5.75%)
Market reactions and industry outlook
Speaking on the development, Olatide Jeremiah, CEO of Petroleumprice.ng, described the crude oil market as volatile, adding that downstream operators are likely to keep adjusting prices in response to global and domestic trends. “Further price changes are expected in the coming weeks,” he said.
Similarly, Tunji Oyebanji, Managing Director of 11Plc, highlighted the geopolitical nature of the crisis, noting that oil prices will remain unstable. “A single statement could drive prices up or down. Still, this benefits Nigeria’s budget by increasing revenue.”
However, Abubakar Garima, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), warned that crises rarely yield lasting economic benefits. He emphasized the need for peaceful dialogue, urging all parties to resolve the conflict in the collective interest of stakeholders.
