US-Iran Peace Deal Could Drive Petrol Price to ₦900 per Litre

Industry operators warn that petrol may soon fall to around ₦900 per litre if a US-Iran truce is finalised and crude oil prices keep sliding. Global crude prices have tumbled from over $120 per barrel in April to about $87 per barrel recently. Easing tensions and a plan to reopen the Strait of Hormuz are key factors behind the decline. Dangote Refinery has already trimmed its gantry price but still holds higher-cost crude stocks. An insider says a further reduction to ₦900 per litre is possible if prices stay low. The Petroleum Retail Outlet Owners Association also expects pump prices to dip below ₦1,000 per litre once Hormuz reopens. Some marketers have started cutting ex-depot rates, and a fresh price war could follow.

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