Despite a recent decline in global crude prices, petrol remains expensive in Nigeria. Consumers are seeking relief from high prices, while marketers argue for the necessity of maintaining sustainable profit margins, according to ThisDay Live.

OPEC+ has approved an increase in oil output as exports through the Strait of Hormuz recover. Brent crude prices were reported at approximately $72 per barrel on Friday, a decline from recent highs exceeding $120, according to SABC Business.

Fuel prices have decreased, providing relief for motorists and paraffin users, attributed to lower global oil prices and a stronger rand against the US dollar, according to SABC Business.

Motorists are expected to experience a decrease in petrol and diesel prices starting Wednesday, providing some relief at the fuel pumps, according to SABC Business.

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.

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.