Dangote Refinery has lowered petrol and diesel prices by N100 as costs are expected to decrease further with oil prices falling below $90 on Tuesday, March 10.
The slash is not unconnected with President Donald Trump’s latest signals confirming the de-escalation of the United States-Iran conflict.
In the latest pricing template issued by Dangote Refinery on March 10, the price of petrol at the gantry was reduced by ₦100, bringing it down to ₦1,075 per litre from the earlier price of ₦1,175 per litre.
The refinery said petrol price for coastal supply would be set at ₦1,050 per litre, due to maritime distribution expenses.
Similarly, the cost of diesel has been lowered to ₦1,430 per litre at the gantry. This marks a reduction of ₦190 from the previous price of ₦1,620 per litre.
The refinery pointed out that the prices at the gantry did not include fees from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Earlier on Monday, Trump signalled the conflict with Iran could end “very soon.”
Despite selling over $100 on Monday, oil prices plunged as much as 10 per cent on Tuesday before paring losses, as investors assessed comments from Trump on the conflict in the Middle East and on oil flows through the critical Strait of Hormuz.
Initial price hike had pushed petrol price above N1,300 at retail outlets in several parts of the country while diesel sold for N1,700.
Nigerians have had to endure intermittent price surges of fuel which triggered higher transportation fares across the country.
However, the drop below $90 per barrel of Brent crude on Tuesday could signal lower gasoline prices in several parts of Nigeria.
“There’s the trading and distribution aspect of the refining, and if the war de-escalates, it will impact pricing,” the President of Petroleum Retail Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, told The ICIR.
He stressed that increased local refining could have also helped to cushion the pricing effects on Nigerians.
The Chief Executive Officer (CEO) of Financial Derivatives, Bismarck Rewane, also said that the slump in the global oil price should reflect on the local pricing.
“We expect the prices to gradually begin to go down further with the same push that the prices were raised over the past few days to lessen the burden on the people,” he said.
Meanwhile, Trump, who had signalled on Monday that the conflict with Iran could end soon warned later in the day that Tehran would be hit “twenty times harder” if it attempted to halt oil flows through the Strait of Hormuz.
Located between Oman and Iran, the Strait is a vital transit route for global energy markets.
Roughly 13 million barrels passed through the waterway in 2025, accounting for about 31 per cent of global seaborne oil flows, according to Kpler.
It connects major Gulf producers, including Saudi Arabia, Iran, Iraq and the United Arab Emirates, to the Gulf of Oman and the Arabian Sea.
“This is a gift from the United States of America to China, and all of those nations that heavily use the Hormuz Strait. Hopefully, it is a gesture that will be greatly appreciated,” Trump said in his post.
The comments come as a spokesperson for Iran’s Ministry of Foreign Affairs warned on Monday that oil tankers transiting the Strait of Hormuz “must be very careful.”
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.