Global crude oil prices dropped nearly one percent on Wednesday amid Middle East tensions, though Nigeria’s retail fuel prices remained largely unchanged.
Global Oil Prices Decline, Fuel Prices Stay Flat
Global crude oil prices declined on Wednesday, with Brent crude falling 0.79 percent to $84.06 per barrel and WTI crude also dropping 0.79 percent to $78.71 per barrel, amid ongoing tension in the Middle East.
The decline follows President Donald Trump’s Tuesday statement that strikes against Iran would continue. Despite the volatility, Nigeria’s retail fuel prices held steady between N1,155 and N1,205 per litre on Wednesday, while depot owners raised ex-depot prices, with Dangote Refinery’s gantry price at N1,075 per litre.
The Dangote Refinery recently began selling gantry-refined products in dollars, marking a shift in the downstream sector.
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