Crude oil falls to $83 per barrel amid easing Middle East tensions, sparking questions about potential petrol price drops in Nigeria

Global crude oil prices have dropped to $83 per barrel following recent geopolitical tensions involving the United States of America Donald Trump indicating that military operations in the region could end sooner than expected. The G7 finance ministers also signalled readiness to release strategic oil reserves to stabilise markets.

Also read: Nigeria tops African crude oil exports to the U.S. in 2025

The earlier spike in global crude caused petrol prices in Nigeria to surge, with filling stations charging as high as ₦1,300 per litre of Premium Motor Spirit (PMS).

The Dangote Petroleum Refinery increased its ex-depot petrol price to ₦1,175 per litre, citing the global price surge.

Also read: Nigeria’s crude oil exports surge to ₦12.81 trillion

With crude prices now declining, Nigerians are closely watching whether domestic fuel prices will follow suit. Consumers hope the drop in global oil prices will provide relief at the pump, although it is unclear how quickly adjustments will be made.