The Dangote Petroleum Refinery don reduce the gantry price of petrol by ₦100, bringing the new price come down from ₦1,175 to ₦1,075 per litre after global crude oil price fall reach about $88 per barrel.
According to the refinery, petrol wey dem go distribute through coastal supply channels go now sell for around ₦1,050 per litre.
The reduction come after crude oil price drop sharply from around $110 per barrel, as tensions around the war between the United States, Iran and Israel begin calm small.
The drop happen after former US President Donald Trump talk say the war with Iran fit end soon, something wey reduce fear say global oil supply go continue to face disruption.
Even though Trump talk say the war fit end quickly, Iran authorities reject peace talk and say dem ready to continue missile attacks as long as the conflict continue.
Because of the war, Iran earlier block the Strait of Hormuz, one of the most important global oil shipping routes, something wey reduce oil supply and push crude price up to about $110 per barrel, the highest level since 2022.
But as market calm small, Brent crude fall by more than 10 percent to around $88 per barrel, while US West Texas Intermediate (WTI) also drop to around $86.77 per barrel.
Dangote Refinery also reduce the price of diesel, cutting it from ₦1,620 to ₦1,430 per litre, a drop of about ₦190, which many businesses say go bring small relief.
However, despite the reduction from the refinery, many fuel depots and filling stations across Nigeria never reduce their pump price yet.
For Abuja, some filling stations still sell petrol between ₦1,285 and ₦1,330 per litre, even though crude price and refinery gantry price don fall.
Experts explain say the reason be that many marketers still dey sell old stock wey dem buy when fuel price still high.
Oil sector expert Henry Adigun say even if the war end now, it fit take about four weeks before crude oil price and petrol price fully stabilise for the global market.
For Lagos and other cities, the earlier increase in fuel price don already affect transport and daily life.
Transport fares rise by almost 30 percent for some routes, forcing many commuters to trek long distance.
Some Nigerians also say the fuel increase don make them abandon their cars because fuelling generator for electricity now more important than using the car.
Industry stakeholders from the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) say depot owners and filling stations go eventually reduce their prices once they finish selling the old fuel stock.
They also advise the government to continue supporting local refining, saying it will help Nigeria reduce dependence on global oil market shocks.
Meanwhile, global credit agency Fitch Ratings warn say the ongoing conflict involving Iran fit create serious economic pressure for many emerging market countries, especially those wey depend heavily on imported energy.
According to the report, prolonged conflict for the region fit increase inflation, weaken currencies, and make borrowing harder for developing economies.