Brent and West Texas Intermediate crude have crashed sharply to below $80 per barrel, respectively.
Checks by DAILY POST on crude oil prices showed that Brent’s and WTI’s prices dropped by between 5 and 6 percent to $78 and $75 per barrel on Tuesday evening.
The reduction in crude oil prices comes immediately after the President of the United States, Donald Trump, announced the completion of a peace deal with Iran.
He thereafter ordered the withdrawal of US military troops from the Strait of Hormuz, a waterway instrumental to the world’s energy supply.
DAILY POST reports that five Iranian ships passed through the Strait of Hormuz following Trump’s order for a US military blockage.
The development has an immediate impact on global energy prices and, by extension, domestic petrol prices.
Already, the Dangote Refinery has cut its gantry petrol price by N75 per liter.
The mega refinery’s petrol price reduction reignites calls by Nigerians for a significant retail fuel price cut in the coming days.
Efforts to speak with the president and spokesperson of the Independent Petroleum Marketers Association, Abubakar Maigandi and Chinedu Ukadike, were unsuccessful as of filing this report.
