Despite a significant drop in crude oil prices to $73 per barrel, petrol prices in Nigeria continue to remain high, with consumers hoping for a reduction below N1,000 per litre.

Despite a decline in global oil prices to levels seen before the US-Iran conflict, petrol prices in Nigeria remain high, leading to rising expectations among the public for a decrease in local fuel costs, according to Naija News.

Depot prices for Premium Motor Spirit (PMS), or petrol, have decreased across various terminals in Lagos, with Rain Oil leading the reduction by cutting prices by N18 per litre. Additionally, diesel prices have also seen a significant drop, falling by up to N70 per litre. This adjustment in prices comes as petroleum marketers respond to changing supply dynamics in Nigeria's downstream oil market, according to Vanguard Business.

Global oil prices have decreased to levels not seen since before the US-Iran war, leading to expectations for lower petrol prices, according to Daily Trust. Despite this drop, fuel prices in Nigeria continue to exceed N1,000, raising concerns about the slow transmission of global market changes to local consumers and businesses.

Analysts suggest that there may be relief in fuel prices as Brent crude oil prices have recently dropped significantly to approximately 73 dollars per barrel. This decline in oil prices could potentially lead to lower fuel costs for consumers.

The Energy and Petroleum Regulatory Authority (EPRA) has stated that motorists in Kenya will have to wait 30 to 45 days for the recent decline in global oil prices to be reflected in local pump prices. EPRA Petroleum and Gas Director Edward Kinyua noted that global fuel prices are influenced by geopolitical events, citing the recent Middle East crisis as a factor that increased fuel costs.