fuel price forecast

Dangote Refinery has intensified the ongoing price competition in Nigeria's downstream petroleum sector after reducing its gantry prices for Automotive Gas Oil (AGO), popularly known as diesel, and Aviation Turbine Kerosene (ATK), otherwise known as jet fuel.

A fresh price war has swept through Nigeria's downstream petroleum market after depot owners in Lagos slashed petrol prices by nearly 5% within 24 hours, following Dangote Refinery's decision to reduce its ex-gantry price to ₦1,175 per litre.

Nigeria's downstream petroleum market received a major boost on Monday as Dangote Refinery announced a significant reduction in its Premium Motor Spirit (PMS) ex-gantry price, cutting the rate by ₦75 per litre from ₦1,250 to ₦1,175 per litre.

Growing expectations of a US-Iran deal are fuelling fresh hopes of lower fuel prices in Nigeria, as industry sources revealed to Petroleumprice.ng that Dangote Refinery could reduce its petrol and diesel ex-gantry prices if global crude oil prices continue to decline. The expectation comes as international oil prices retreat and marketers hold back bulk purchases in anticipation of an imminent price crash.

Global oil prices crashed in early Monday trading after the United States and Iran reached a breakthrough agreement aimed at reopening the Strait of Hormuz, easing fears of prolonged supply disruptions in one of the world's most critical oil transit routes.

US President Donald Trump has announced that the United States and Iran are expected to sign a peace agreement on Sunday, a move that could ease tensions in the Middle East and restore unrestricted passage through the Strait of Hormuz.

The Nigerian downstream petroleum market recorded a largely bearish trend during the week under review as marketers adjusted prices amid volatile global crude markets and increased competition among private depot operators.

Global investment bank Goldman Sachs has lowered its oil price forecast for 2027, citing expectations of stronger global crude supply and weakening demand growth, particularly from China, where the transition to electric vehicles and alternative transportation is accelerating

Global oil prices slipped below the $90-per-barrel mark on Friday after U.S. President Donald Trump announced a breakthrough in negotiations with Iran, raising hopes of a de-escalation in Middle East tensions.

Oil prices climbed on Thursday after Iran announced the closure of the Strait of Hormuz following fresh U.S. military strikes, raising fears of disruptions to global crude supplies.

Global oil prices surged on Wednesday as renewed military confrontation between the United States and Iran intensified concerns over potential disruptions to crude exports from the Middle East, one of the world's most critical energy-producing regions.

Oil prices moved higher in early trading on Wednesday after the United States launched military strikes against Iranian targets near the Strait of Hormuz, intensifying tensions in the Middle East and raising concerns over potential disruptions to global energy supplies.

Global crude oil prices dropped from earlier highs on Monday after an intraday rally driven by missile exchanges between Iran and Israel lost momentum as traders locked in profits and reassessed supply disruption risks.

Global crude oil prices surged by nearly four per cent on Monday after a fresh exchange of missile attacks between Iran and Israel reignited concerns over supply disruptions in the Middle East, pushing Brent crude closer to the $100 per barrel mark.

Global crude oil prices extended their decline on Friday after fresh data showed an increase in oil drilling activity in the United States, raising expectations of stronger supply from the world's largest oil producer.