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08024545197International crude oil prices held firm around the $85 per barrel mark after United States President Donald Trump abandoned his proposed 20 per cent transit fee for cargoes passing through the Strait of Hormuz, opting instead to pursue trade and investment agreements with Gulf states while maintaining Washington's blockade on Iranian shipping.
Global oil prices surged by more than 4% in early Monday trading after the United States and Iran exchanged fresh military strikes over the Strait of Hormuz, intensifying concerns over the security of one of the world's most critical oil shipping routes.
Global oil prices climbed in early trading on Wednesday after fresh security incidents in the Strait of Hormuz reignited concerns over Middle East supply, overshadowing the latest production increase by OPEC+ and persistent signs of weakness in the physical crude market.
Dangote Petroleum Refinery's decision to reduce its Premium Motor Spirit (PMS) ex-gantry price to ₦1,075 per litre, align its coastal loading price at the same level and open product sales to all qualified marketers is expected to trigger a fresh price war across Nigeria's downstream petroleum sector.
Global crude oil prices remained under pressure on Friday, with the market on course for a fourth consecutive weekly decline as improving oil flows through the Strait of Hormuz continued to ease supply concerns that had driven prices sharply higher during the recent Middle East conflict. Although both major benchmarks posted modest gains in early Asian trading, sentiment remained largely bearish as traders assessed the return of Gulf exports.
Dangote Petroleum Refinery has pledged to continue reducing the prices of petroleum products as cheaper crude oil cargoes gradually enter its production cycle, assuring Nigerians that the benefits of declining global crude prices will be reflected in domestic fuel prices.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has warned petroleum marketers against selling Premium Motor Spirit (PMS), popularly known as petrol, above prevailing market realities, declaring that operators found engaging in price gouging or profiteering will face regulatory sanctions.
Global oil prices declined on Monday after the first round of peace talks between the United States and Iran concluded in Switzerland, easing concerns over potential supply disruptions and improving sentiment across energy markets.
Dangote Refinery has intensified the ongoing price competition in Nigeria's downstream petroleum sector after reducing its gantry prices for Automotive Gas Oil (AGO), popularly known as diesel, and Aviation Turbine Kerosene (ATK), otherwise known as jet fuel.
A fresh price war has swept through Nigeria's downstream petroleum market after depot owners in Lagos slashed petrol prices by nearly 5% within 24 hours, following Dangote Refinery's decision to reduce its ex-gantry price to ₦1,175 per litre.
Nigeria's downstream petroleum market received a major boost on Monday as Dangote Refinery announced a significant reduction in its Premium Motor Spirit (PMS) ex-gantry price, cutting the rate by ₦75 per litre from ₦1,250 to ₦1,175 per litre.
Growing expectations of a US-Iran deal are fuelling fresh hopes of lower fuel prices in Nigeria, as industry sources revealed to Petroleumprice.ng that Dangote Refinery could reduce its petrol and diesel ex-gantry prices if global crude oil prices continue to decline. The expectation comes as international oil prices retreat and marketers hold back bulk purchases in anticipation of an imminent price crash.
Global oil prices crashed in early Monday trading after the United States and Iran reached a breakthrough agreement aimed at reopening the Strait of Hormuz, easing fears of prolonged supply disruptions in one of the world's most critical oil transit routes.
US President Donald Trump has announced that the United States and Iran are expected to sign a peace agreement on Sunday, a move that could ease tensions in the Middle East and restore unrestricted passage through the Strait of Hormuz.
The Nigerian downstream petroleum market recorded a largely bearish trend during the week under review as marketers adjusted prices amid volatile global crude markets and increased competition among private depot operators.
Global investment bank Goldman Sachs has lowered its oil price forecast for 2027, citing expectations of stronger global crude supply and weakening demand growth, particularly from China, where the transition to electric vehicles and alternative transportation is accelerating
Global oil prices slipped below the $90-per-barrel mark on Friday after U.S. President Donald Trump announced a breakthrough in negotiations with Iran, raising hopes of a de-escalation in Middle East tensions.
Oil prices climbed on Thursday after Iran announced the closure of the Strait of Hormuz following fresh U.S. military strikes, raising fears of disruptions to global crude supplies.
Global oil prices surged on Wednesday as renewed military confrontation between the United States and Iran intensified concerns over potential disruptions to crude exports from the Middle East, one of the world's most critical energy-producing regions.
Oil prices moved higher in early trading on Wednesday after the United States launched military strikes against Iranian targets near the Strait of Hormuz, intensifying tensions in the Middle East and raising concerns over potential disruptions to global energy supplies.