On Wednesday, international crude oil benchmarks Brent and West Texas Intermediate experienced a decrease, each dropping nearly one percent. Data indicates that Brent crude slipped 0.79 percent to settle at $84.06 a barrel, while WTI crude saw an identical 0.79 percent decline, reaching $78.71 per barrel.
This shift follows a period of market instability driven by ongoing tensions in the Middle East. Notably, United States President Donald Trump confirmed on Tuesday that military operations against Iran are set to persist. These global shifts often influence domestic fuel costs in Nigeria.
The local downstream sector continues to undergo adjustments, highlighted by the Dangote Refinery’s transition to selling petroleum products in dollars. While depot operators hiked ex-depot prices on Tuesday due to the market instability, the Dangote Refinery maintained a gantry rate of N1075 per liter. As of Wednesday, retail pump prices in the country held steady, ranging from N1155 to N1205 per liter.
