By Uche Chukwu
There are growing expectations of a reduction in petrol prices as shipping activity through the Strait of Hormuz begins to recover.
Recent data shows an increase in vessel movements, with more ships—including those without direct ties to Iran or China—successfully navigating the route after negotiations with Tehran.
At least 13 vessels transited the strait since Friday, though this remains below pre-conflict levels. Before tensions escalated in late February, the channel handled roughly 20% of global oil and liquefied natural gas shipments daily.
Iran has tightened oversight of the corridor, introducing controlled routes near its coastline. Despite this, the gradual return of shipping activity is raising hopes of improved global oil supply, which could ease fuel costs in markets like Nigeria.
However, tracking challenges persist as some vessels switch off location systems in high-risk areas, making real-time data less reliable.
Tags: Petrol Price, Oil Market, Strait of Hormuz, Iran, Global Shipping, Energy Supply, Nigeria Economy
