Fuel Price: Crude oil price drops after Monday’s spike

A market survey by DAILY POST showed that Brent and West Texas Intermediate, WTI crude declined to $105 and $92 per barrel, respectively, on Tuesday, after rising to as high as $107 per barrel on Monday. ​At the weekend, Brent and WTI crude blends jumped amid reports that the United States President had rejected Iran’s offer for a seven-day truce.

The Iranian authorities had made the peace deal proposal at the 81st United Nations General Assembly, UNGA 81, but the US President Donald Trump told reporters outside the White House, “I reject their proposal.” His outburst reportedly pushed crude oil prices up on Monday before they cooled on Tuesday.

DAILY POST reports that Dangote Refinery, MRS and other filling stations had reduced fuel prices in Nigeria by between N20 and N25 per litre.