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.

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.

Global oil prices have stabilized around $75 as markets shift from concerns about potential supply shortages to worries about oversupply. Analysts caution that geopolitical risks may continue to keep oil prices elevated, particularly in light of ongoing developments related to a peace deal with Iran.

The global economy is facing uncertainty as Iran has effectively closed the Strait of Hormuz amid ongoing conflict with Israel and the United States. This strait is crucial for the passage of approximately one-fifth of the world's oil and gas. While some ships have managed to navigate the strait, they have done so under Iran's conditions, reportedly paying tolls for safe passage. The situation remains tense as the world awaits the reopening of this vital waterway.

According to Al Jazeera, ships have resumed movement through the Strait of Hormuz, leading to a decrease in oil prices. However, it may take longer for consumers to experience relief from the effects of the crisis.

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.