Crude prices slide below $100 as Dangote holds PMS price at N1,275

Global oil prices fell for a second straight day after United States President, Donald Trump, announced a pause in plans to escort vessels through the strategic Strait of Hormuz under its Project Freedom plan. The move raised cautious optimism about a potential de-escalation in tensions around the vital oil corridor, pushing benchmark crude prices lower. […]

Global oil prices fell for a second straight day after United States President, Donald Trump, announced a pause in plans to escort vessels through the strategic Strait of Hormuz under its Project Freedom plan.

The move raised cautious optimism about a potential de-escalation in tensions around the vital oil corridor, pushing benchmark crude prices lower.

Brent crude dipped to $101.1 per barrel from about $110 on Tuesday while West Texas Intermediate (WTI) dropped under $100, trading at $95.34 per barrel at the time of filing this report.

In a social media post, Trump said the United States and relevant parties had “mutually agreed” to temporarily suspend the maritime initiative, known as Project Freedom, to allow room for negotiations toward a possible agreement.

He noted that although the blockade in the area remains in place, the pause is intended to test whether a deal can be finalised.

The development came just days after the U.S. military unveiled the escort plan in response to rising threats in the region.

Earlier, the United States Central Command confirmed that two U.S. destroyers had escorted American merchant vessels through the strait.

However, Iran reacted sharply, warning it could target U.S. naval forces in the area. Tehran also claimed it fired warning shots at a U.S. warship, an assertion denied by U.S. officials.

Oil markets had initially weakened following Trump’s earlier announcement but later rebounded after Iran’s threats heightened fears of disruption to global supply.

Despite the latest decline in prices, no concrete steps toward a peace agreement have been announced while uncertainty pervades the global oil market amidst significant pressure to supply and prices.

Many Nigerians are optimistic that a reduction in the global crude prices would cause a reduction in prices of petroleum products amidst rise in transport and logistics cost as well as the general cost of living.

Meanwhile, Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains the same, stating that its ex‑depot price remains N1,275/litre.

The Refinery by sustaining its current prices said it is reaffirming its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks. By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties.

Dangote Refinery reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.

It urged the public to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.