Dangote, Others to Cut Petrol Prices as Oil Tumbles After Trump Signals Quick End to Iran War
- Global oil prices dropped sharply after Trump suggested imminent end to the Iran conflict
- Diplomatic efforts ease supply fears, impacting market sentiments on crude prices
- Nigeria may see potential petrol price cuts as crude prices decline significantly
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Global oil prices fell sharply on Tuesday, March 10, 2026, after comments by Donald Trump suggested that the ongoing conflict with Iran could soon come to an end.
The remarks eased fears of prolonged disruptions to crude supply from the Middle East, triggering a sell-off in energy markets just hours after oil had surged to its highest levels since 2022.
Source: Getty Images
As of early Asian trading, Brent crude dropped to $89.31 per barrel, representing a 9.75 per cent decline, while West Texas Intermediate slipped to $85.90 per barrel, down 9.36 per cent on the session, according to data from Oilprice.com
The sudden drop in crude prices could soon translate into lower petrol prices in Nigeria, particularly from major suppliers such as the Dangote Refinery and other private depot operators.
Trump’s comments shake energy markets
In an interview with CBS News, Trump said the war was “very complete, pretty much,” adding that the United States was already far ahead of his earlier projection of a four- to five-week campaign.
He later told reporters that the conflict would end “very soon,” though he indicated that it may not conclude within the coming week.
Those remarks immediately altered market sentiment as traders reassessed the likelihood of extended supply disruptions across the Middle East, a region responsible for a large share of global crude production.
Just a day earlier, oil prices had spiked above $100 per barrel, briefly approaching $120, as tensions escalated following the announcement of Mojtaba Khamenei as Iran’s new supreme leader.
Diplomatic moves add pressure on oil
Adding to the shift in market sentiment, Vladimir Putin reportedly held discussions with Trump. He presented proposals aimed at bringing the conflict to a quick resolution, according to a Kremlin aide.
At the same time, finance ministers from the Group of Seven said the bloc was ready to intervene if necessary to stabilise global oil markets. However, they stopped short of announcing a coordinated release of strategic petroleum reserves.
These diplomatic signals combined to push oil prices lower, raising hopes that the worst of the supply shock could be avoided.
Supply disruptions still cloud outlook
Despite the sharp drop in prices, analysts warn that oil markets may remain highly volatile due to ongoing production disruptions in the Gulf region.
Iraq has reportedly cut production at its main southern oilfields by 70 per cent, reducing output to about 1.3 million barrels per day.
Meanwhile, Kuwait Petroleum Corporation has begun scaling back production and declared force majeure on some operations. Saudi Arabia has also started trimming its oil output amid the regional uncertainty.
Market analyst Tony Sycamore of IG Group said crude prices could continue swinging within a wide range.
“Crude oil is likely to remain highly volatile, trading between roughly $75 and $105 in the near term,” he noted.
What does it mean for petrol prices in Nigeria?
For Nigeria, the fall in crude prices could bring relief to consumers if local fuel suppliers adjust pump prices in response to the global market shift.
Major marketers and depot owners typically react to international crude movements, meaning a sustained decline in oil prices may force refiners and importers to cut prices.
Industry observers say this could prompt the Dangote Refinery and other suppliers to review petrol prices downward in the coming days.
However, the extent of any reduction will depend on how long the drop in oil prices lasts and whether geopolitical tensions in the Middle East flare up again.
Source: Getty Images
For now, traders remain cautious, watching closely to see whether diplomatic efforts succeed or whether the conflict takes another unpredictable turn.
Dangote Refinery explains N100 rise in petrol price
Legit.ng earlier reported that the Dangote Petroleum Refinery has explained the reason behind the recent increase in its petrol ex-depot price.
The refinery said the adjustment followed higher global crude oil prices and supply disruptions linked to the conflict involving the United States, Israel and Iran.
Legit.ng reported that the Dangote refinery raised its petrol gantry price by N100, increasing the ex-depot rate from N774 to N874 per litre.
Source: Legit.ng
