Fuel Price Hopes Fade Again After Disruption
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In Nigeria, expectations of a drop in petrol prices have weakened after fresh tensions around the Strait of Hormuz.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The route, briefly reopened after a ceasefire between Iran and the United States, was shut again within a day.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The latest move has unsettled global oil supply. It has also affected projections for fuel prices locally.Fuel marketers had earlier predicted that prices could fall sharply.
Some estimates suggested petrol could drop from about N1,250 to near N900 per litre. The optimism followed a short-lived easing of tensions in the Middle East.
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However, the renewed closure has reversed those expectations.Industry players now say prices may remain unchanged for the time being.
They linked the uncertainty to the ongoing standoff between Iran and the US. The situation has kept crude oil prices unstable.
Even so, global prices have not surged sharply despite the disruption.Meanwhile, Donald Trump accused Iran of breaching the ceasefire by attacking vessels in the waterway.
He warned of possible strikes on Iranian infrastructure if tensions continue. Talks are expected to resume soon as both sides seek a resolution.
The outcome could determine the direction of global oil prices and fuel costs in Nigeria.
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