A sharp drop in global crude oil prices has raised fresh hopes that Nigerians could soon see lower petrol prices if the decline is sustained.

The fall in oil prices came on Monday after United States President Donald Trump signalled a shift from military action against Iran to renewed diplomatic talks, easing fears of a wider conflict in the Middle East. The development calmed global oil markets, where traders had been worried that fighting in the region could disrupt crude supplies.

Brent crude, the international benchmark used to price Nigerian oil, dropped by more than 4.8 per cent to around $83.70 per barrel, while the U.S. West Texas Intermediate (WTI) crude fell by over 5 per cent to about $79.60 per barrel. The decline marked one of the biggest single-day losses in recent months.

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