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Fuel relief in sight as oil prices tumble after US–Iran ceasefire
  • April 8, 2026
  • Unity Times

Anietie Udobit, Abuja

Global oil prices have plunged sharply following a temporary ceasefire between the United States and Iran, raising hopes of a drop in petrol prices in Nigeria.

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Nigeria’s Bonny Light crude fell below $95 per barrel from over $130, while Brent and U.S. crude benchmarks also recorded double-digit declines amid easing tensions around the Strait of Hormuz—a critical global oil route.

Analysts say the development could translate into marginal relief for Nigerians currently paying about N1,370 per litre for petrol, especially with supply from the Dangote Refinery.

The truce followed a dramatic standoff, with U.S. President Donald Trump suspending planned strikes on Iran’s energy infrastructure in exchange for reopening the vital shipping corridor.

While markets have responded positively, experts warn that the stability of prices depends on how long the ceasefire holds.

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