The sharp decline in global crude oil prices to levels seen before the recent conflict involving the United States, Iran and Israel has intensified calls for a reduction in petrol prices across Nigeria.
Despite the easing of international oil prices, motorists and businesses have yet to see significant relief at filling stations, where petrol continues to sell far above levels recorded before the Middle East crisis.
Checks by First Daily indicate that Brent crude, the global benchmark for oil prices, has fallen to about $72.20 per barrel, while West Texas Intermediate (WTI), the United States benchmark, dropped to $69.70 per barrel on Thursday, June 25.
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The latest decline follows the de-escalation of tensions in the Middle East after a peace agreement was reached between the United States and Iran.
This comes as tanker traffic through the Strait of Hormuz increased and fears over supply disruptions eased, with shipowners now openly transiting the chokepoint following safety guarantees from the International Maritime Organization.
The conflict had earlier triggered fears of supply disruptions, around the Strait of Hormuz, a strategic shipping route through which roughly one-fifth of the world’s oil supply passes.
At the height of the hostilities, global oil prices surged as investors reacted to concerns that the conflict could disrupt exports from major oil-producing countries in the region.