As of Tuesday morning, Brent crude traded at $82.68 per barrel, down 0.59 per cent, while West Texas Intermediate (WTI) crude slipped 0.42 per cent to $80.41 per barrel.

Market confidence also received a boost after the LNG tanker Disha successfully sailed through the Strait of Hormuz on Monday on its way to India, signalling the gradual restoration of energy shipments from the Gulf region.

Although shipping firms remain cautious, analysts believe oil prices may remain under pressure if the US-Iran agreement is formally signed and maritime activities fully resume.

Against this backdrop, Nigerian depots have begun adjusting their petrol prices downward.

Industry data obtained from PetroleumPriceNG shows that several depot owners lowered their ex-gantry prices as competition intensifies.

Dangote Refinery had earlier announced a significant N75 per litre reduction in its petrol price.

However, the refinery later adjusted its rate slightly upward by N5, selling Premium Motor Spirit (PMS) at N1,185 per litre, compared to N1,175 previously.

Other depots have also announced fresh rates. Prudent Oghara is now selling petrol at N1,270 per litre, while AITEO offers PMS at N1,180 per litre. Mainland depot fixed its ex-depot price at N1,250 per litre.

The latest crash in crude oil prices could open the door for additional reductions in petrol and diesel prices across Nigeria. Industry experts say marketers may be compelled to lower prices further as cheaper crude filters into the supply chain and competition with Dangote Refinery intensifies

For millions of Nigerians struggling with high transportation and living costs, the current trend offers renewed hope that fuel prices may finally begin to ease in the months ahead.

NCR Nigeria stated that the appointment followed a written resolution passed by its Board of Directors.

“The Board of Directors of NCR (Nigeria) Plc, by way of a written resolution, appointed Her Excellency, Mrs Oluwatoyin Saraki, as a Non-Executive Director on the Board of the Company, subject to ratification by the shareholders at the next Annual General Meeting of the Company”, the statement noted.

The company said Saraki brings extensive experience in law, governance, policy advocacy, and strategic leadership gained across the private, public, and multilateral sectors. The Board and Management also expressed confidence in her ability to contribute meaningfully to the company’s long-term growth and governance objectives.

Saraki is widely recognised for her work in global health and development. She serves as the Inaugural and Emeritus Global Goodwill Ambassador for the International Confederation of Midwives.

She is a Special Adviser to the World Health Organisation (WHO) Regional Office for Africa.

Saraki also holds several advocacy roles, including UNFPA Nigeria Family Planning Champion and Global Champion for the White Ribbon Alliance for Safe Motherhood.

Market watchers recalled that the prolonged crisis in the Middle East forced crude prices above the $100 per barrel mark, with some periods seeing prices rise beyond $120. The increase had a direct impact on fuel costs across several countries, including Nigeria.

During the period, petrol prices in Nigeria surged from about N830 per litre to around N1,300 per litre. Diesel and aviation fuel also recorded major increases, putting pressure on businesses and transport operators.

Market analysts attribute the sharp fall to expectations that Iranian oil exports could resume more freely and that shipping activities through the Strait of Hormuz may normalize in the coming weeks. The prospect of increased global supply has prompted major financial institutions to cut their oil price forecasts.

Beyond geopolitical developments, weaker demand from China, persistent inflation concerns, and slowing global economic growth have also weighed on crude prices. Traders are increasingly betting that global oil supplies will improve while demand growth remains subdued.

For Nigeria, the decline in crude oil prices presents a mixed picture. While lower global oil prices could help reduce the cost of imported refined petroleum products and potentially ease pressure on fuel prices, it may also reduce government revenues, given the country’s heavy dependence on crude oil exports.

Despite the recent crash, analysts warn that volatility remains high and that any fresh disruption in the Middle East could quickly send prices higher again. For now, however, the market appears focused on improving supply prospects, pushing crude prices to their lowest levels since March