President Bola Ahmed Tinubu’s administration is silent over the call for a commensurate fuel price drop as crude oil prices sink.
DAILY POST reports that West Texas Intermediate and Brent crude dropped to $69 per barrel and $71 per barrel, respectively, up from as high as $100 amid easing tensions in the Middle East.
The current crude prices stood almost at the same rate before February 28, 2026, when the Iran-United States-Israel conflict escalated, impacting global economies.
Economies worldwide were badly hit as energy prices skyrocketed. However, with the easing in crude oil prices, consumers expect a commensurate reduction in energy prices.
This is why United States President Donald Trump, in barely three days, took to his official Truth Social to lash out at oil firms for not lowering fuel prices and called for a probe.
In Nigeria, due to the Middle East crisis, fuel prices and those of other petroleum products nearly doubled.
Prior to February 28, petrol prices stood around N800 and N900 per liter but rose to as high as N1,400 per liter before settling between N1,241 and N1,305 per liter in Abuja and environs.
Recall that Dangote Refinery, on two occasions in the last two weeks, announced a reduction in its gantry petrol price to N1,125 per liter.
At first, the mega dropped its petrol price by N75 per liter to N1,175 per liter from N1,250, which triggered a nationwide drop in pump prices nearly a week later. Barely a day ago the refinery announced another N50 per liter drop, taking its gantry petrol price to N1,125 per liter.
However, Nigerians have clamored for a drop in fuel price to below N1,000 per liter, the petrol rate before the Middle East crisis.
A media watch group of Nigeria recently asked the Nigerian government to compel oil firms, including petroleum products marketers, since crude prices have dropped to pre-war levels.
Meanwhile, Professor Emeritus of Petroleum Economics and renowned energy expert Wumi Iledare said petroleum product prices often exhibit what is known as “asymmetric price transmission,” the to refined petroleum products’ price reductions.
While the debate is ongoing, DAILY POST reports that President Tinubu, who doubles as the substantive minister of petroleum resources, has yet to respond to the calls for commensurate fuel and diesel prices drop as crude rates fall.
Similarly, the country’s minister of state petroleum resources oil, Heineken Olokpobiri, Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Federal Competition and Consumer Protection Commission are yet to officially react to the call for commensurate fuel price reduction.
DAILY POST reports that high energy prices have a huge impact on the country’s inflation, which rose to 15.93 percent in May 2026.
Eze Chidiebere Paul
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