Nigerians anticipate lower fuel prices as Brent and WTI fall below $80 a barrel, says Dangote.

Brent and West Texas Intermediate (WTI) crude prices fell sharply, dipping below $80 per barrel.

According to DAILY POST, Brent and WTI dropped between 5 % and 6 % to $78 and $75 per barrel, respectively, on Tuesday evening.

The decline followed U.S. President Donald Trump’s announcement that a peace deal with Iran had been completed.

Trump also ordered the withdrawal of U.S. military forces from the Strait of Hormuz, a key waterway for global energy supplies.

DAILY POST reports that five Iranian vessels passed through the Strait of Hormuz after the U.S. military blockade was lifted.

These developments have an immediate effect on worldwide energy prices and, consequently, on domestic petrol costs.

In response, the Dangote Refinery has reduced its gantry petrol price by N75 per liter.

The price cut has sparked renewed calls from Nigerians for a substantial reduction in retail fuel prices in the near future.

Attempts to contact the president and spokesperson of the Independent Petroleum Marketers Association, Abubakar Maigandi and Chinedu Ukadike, were unsuccessful as of the time of this report.