This marks the first price cut after three successive hikes that had pushed the cost of the commodity significantly higher in recent weeks.

The Dangote Refinery reduced its ex-gantry petrol price to ₦1,075 per litre on Tuesday, a ₦100 drop from the previous rate of ₦1,175 per litre.

The Dangote Group yesterday slashed gantry price of premium motor spirit by N100 per liter according to Chief Communications Officer, Anthony Chiejina.

He confirmed the development to Channels Television, adding that petrol supplied through coastal distribution will now sell for ₦1,050 per litre.

In addition, the refinery has reduced the price of diesel to ₦1,430 per litre, a ₦190 decrease from the prior price of ₦1,620 per litre.

This adjustment follows three consecutive price hikes that had significantly increased the cost of the commodity in recent weeks.

Just a day earlier, on Monday, the refinery had raised the petrol price to ₦1,175 per litre, up from ₦995 on March 7 and from ₦874 on March 2.

Speaking on March 9, the refinery's Chief Executive Officer, David Bird, explained that the Dangote Refinery is not immune to global oil market dynamics, as it sources its crude based on international benchmarks.

The latest price cut coincides with a dip in global crude oil prices, which fell to $90 a barrel on Tuesday—the first decline since the escalation of conflict in the Middle East. The ongoing war involving the United States, Iran, and Israel had previously driven global oil prices up, leading to higher petrol costs in Nigeria.

As the crisis in the oil-rich Middle East continues into its second week with no immediate resolution in sight, US President Donald Trump commented that the military campaign has progressed far beyond his initial one-month timeline.

“I think the war is very complete, pretty much. They have no navy, no communications, and they’ve got no air force,” Trump told CBS News. “If you look, they have nothing left. There’s nothing left in a military sense,” he added.

Trump told the US broadcaster that the campaign was "very far" ahead of his originally estimated timeline of four to five weeks. He later told a news conference in Florida that "it’s going to be ended soon, and if it starts up again, they’ll be hit even harder." When asked if he believed the war could end in days or weeks, he replied, "I think soon. Very soon."

The US leader also warned of an attack of "incalculable" size if Tehran moves to block oil supplies through the Strait of Hormuz, a vital waterway through which about a fifth of the world's oil passes. His remarks follow a recent statement demanding Iran's "unconditional surrender" as the only acceptable outcome, a stance that has fueled market anxiety over a prolonged conflict.

Meanwhile, oil marketers have advised Nigerians to brace for a possible continued rise in the price of Premium Motor Spirit (PMS), or petrol, which could reach around ₦1,500 per litre if the US-Israeli and Iranian conflict shows no sign of abating.

Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), shared this advice while appearing on Channels Television’s The Morning Brief to discuss 'The Effect Of Global War On Fuel Prices'.

He argued that while prices are higher, the consistent product availability currently being provided by the Dangote Petroleum Refinery is a far better alternative to scarcity.

“The reality is that if you look at the volatility in the price, the Dangote Refinery is the salvation for us right now due to the consistent source of product, which is much more important at this time than anything,” he said.

“The availability of product is much more important than pricing. The pricing we predicted has risen above ₦1,000 per litre, and more recently, to ₦1,175 at the gantry. By the time we add the charges, logistics, and others, the price will get higher and higher. So, yes, ₦1,500 per litre is not far-fetched. But it should not make us panic,” he added.

“It is better for us to have the product available, be able to do our business, and get some level of energy security than not having it,” he concluded.