Nigerians want cheaper petrol, but renewed Hormuz battle won’t make that happen
Nigerians hoping for a significant reduction in petrol prices may have to wait longer as renewed tensions in the Middle East gradually reverse the recent decline in global crude oil prices.
This comes amid growing pressure for the adjustment of petrol retail cost to reflect the decline in crude oil prices that followed the signing of the Memorandum of Understanding (MoU) in June between the US and Iran.
READ ALSO: US blockade of Strait of Hormuz resumes as Iran continues retaliatory strikes He said that Nigeria, despite being an oil-producing country, cannot meet domestic demand or take advantage of export opportunities, leaving its oil sector import-dependent.
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