Strait of Hormuz: Hope of fuel price reduction in Nigeria fades amid crude oil volatility

Hope for the reduction of the price of premium motor spirit in Nigeria might have hit the rocks following a gradual rise in crude oil price linked to the Strait of Hormuz disruption.

Checks by DAILY POST on Monday showed that while domestic fuel prices in Nigeria remained stable between N1,290 per liter and N1,350, West Texas Intermediate and Brent crude oil prices rose by 6 percent to $89 and $95 per barrel.

DAILY POST reports that at the weekend, Iran shut the Strait of Hormuz hours after reopening it, citing the United States blockade.

However, Iran’s decision to shut the Strait of Hormuz was pushed back as ‘blackmail.’

The persistent hostility in the Strait of Hormuz has triggered a fresh crude oil spike on Monday after an earlier 11 percent decline.

The president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, had earlier told DAILY POST that a fuel price drop was imminent following the drop in crude oil prices.