Petrol prices defy crude oil slump, deepen cost-of-living crisis

Despite global crude oil prices retreating to levels seen before the Iran- US conflict, Nigerians are yet to experience relief at the pumps, with petroleum industry experts attributing the delay to supply chain realities, expensive inventories, exchange rate pressures and the structure of Nigeria’s downstream petroleum market.
The development has continued to worsen the economic hardship facing millions of Nigerians, many of whom had expected cheaper international crude prices to translate into lower petrol prices.
Instead, transport fares, food prices and other living costs remain elevated because petrol continues to sell at relatively high prices.
Prior to the Middle East crisis,...