ABUJA, Nigeria — The reclosure of the Strait of Hormuz by Iran has dampened expectations of an imminent drop in petrol prices across Nigeria, according to the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) on April 20, 2026.
Okay News reports that Joseph Obele, spokesman for PETROAN, confirmed that projections of petrol falling to approximately N900 per litre have been put on hold following Iran’s decision to reseal the strategic waterway barely 24 hours after a ceasefire agreement with the United States had raised hopes of lower crude prices.
The Strait of Hormuz, through which approximately 20 percent of globally traded oil transits, was briefly opened on Friday following the ceasefire deal. Obele had expressed optimism at that time that petrol prices could fall below N1,000 per litre within a week.
“With the reopening of the Strait of Hormuz, Nigerians should expect a very significant reduction in petrol prices. Petrol will fall below N1,000 by next week, probably to N900 per litre. Don’t forget that the product was N800+ before the Middle East crisis,” Obele said on Friday.
However, on Sunday, Obele told The PUNCH that the status quo would remain pending a lasting ceasefire between Iran and the United States.
The Iranian military said control of the waterway had “returned to its previous state” on Saturday, with reports indicating that Iranian gunboats fired at a merchant vessel attempting to cross.
United States President Donald Trump said on Sunday that Iran had violated the ceasefire agreement. “Iran decided to fire bullets yesterday in the Strait of Hormuz, a total violation of our ceasefire agreement,” Trump posted on Truth Social.
Trump repeated threats to attack Iranian energy infrastructure unless a deal is reached to end the conflict. He disclosed that negotiators would arrive in Islamabad, Pakistan, on Monday evening, with the current two-week ceasefire set to expire on Wednesday.
Despite the disruption, Brent crude traded at approximately $90 per barrel on Sunday, a modest increase from $88 before the strait’s reclosure, according to oilprice.com. The benchmark had traded at $95 on Friday morning.
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