Petrol price drop in doubt after Hormuz disruption.
The renewed closure of the Strait of Hormuz by Iran has dampened expectations of an imminent drop in fuel prices in Nigeria, reversing earlier optimism within the downstream petroleum sector. The strategic waterway, which is a vital route for global oil shipments, had briefly reopened following a ceasefire agreement between Iran and the United States. The reopening had sparked hope among industry stakeholders that crude oil prices would fall significantly, potentially leading to a reduction in petrol prices locally. However, […]