The Dangote Petroleum Refinery has reduced its ex-gantry petrol price by N100 per litre, bringing it down to N1,075 per litre from N1,175, following a decline in global crude oil prices to $88 per barrel from $110.

The refinery also announced that petrol supplied through coastal distribution channels will now sell at N1,050 per litre, while the price of diesel was cut by N190 to N1,430 per litre from N1,620.

The adjustment came after international crude prices dropped sharply as United States President Donald Trump said the ongoing war involving the US, Iran and Israel could end soon. His remarks eased fears of prolonged disruptions to global oil supply, which had earlier pushed crude prices to about $110 per barrel, the highest level since July 2022.

The conflict, now in its 11th day, has disrupted oil installations in the Middle East, particularly following Iran’s blockade of the Strait of Hormuz, a key global oil shipping route.

Speaking from his resort in Miami, Trump described the military action as a “little excursion” that progressed faster than expected, expressing confidence that the war would soon come to an end. However, Iran rejected the possibility of negotiations with Washington.

Iran’s Foreign Minister Abbas Araghchi said talks with the United States were no longer on Tehran’s agenda, insisting the country was ready to continue missile attacks for as long as necessary.

Despite Dangote’s price reduction, most depot owners and filling stations across Nigeria have yet to reflect the new pricing.

In Abuja, many marketers who earlier raised pump prices to as high as N1,330 per litre have maintained the rates. At several outlets, NNPC Retail stations sold petrol at about N1,285 per litre, while other marketers kept prices between N1,300 and N1,330 per litre.

However, some transport fares in parts of the capital have begun to decline slightly, with fares dropping from N1,500 to about N1,200 on some routes, while the Area 8–Nyanya fare fell from N1,000 to around N800.

In Lagos, marketers were still selling petrol between N1,150 and N1,250 per litre, forcing transport fares up by as much as 30 per cent and worsening hardship for commuters and businesses.

Industry experts say the price reduction may take time to reflect at filling stations because marketers are still selling existing stock purchased at higher prices.

Chief Executive Officer of Petroleumprice.ng, Olajide Jeremiah, said depots and retail outlets were likely to adjust their prices before the weekend once the new supply takes effect.

Similarly, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the market would continue to fluctuate depending on developments in the global oil market.

PETROAN National President Billy Gillis-Harry commended the Dangote refinery for reducing prices, adding that other operators would follow suit after exhausting old stock.

Economic analysts have also emphasised the need for Nigeria to strengthen domestic refining capacity to reduce the country’s vulnerability to global oil price volatility.

Meanwhile, global rating agency Fitch Ratings warned that the ongoing conflict involving Iran could create fresh economic pressures for emerging market economies by disrupting energy supply, increasing inflation and weakening investor confidence.