Dangote Refinery Slashes Petrol to ₦1,075 as Global Crude Crashes to $89; Diesel Prices Tumble by ₦190 in Mid-Week Relief

In a swift “flip the script” move that has brought a sigh of relief to Nigerian motorists, the Dangote Petroleum Refinery has announced a major price reduction. On Tuesday evening, March 10, 2026, the refinery slashed its gantry price for petrol by ₦100, resetting the cost to ₦1,075 per litre just 24 hours after it had spiked to an all-time high.

The price adjustment is a direct “State of Harmony” response to the sudden cooling of global oil markets. After a week of panic-buying and soaring costs triggered by the U.S.-Iran-Israel war, global crude prices witnessed a historic one-day slump. Brent crude, which had threatened to stay above $115, crashed to $89 per barrel following diplomatic signals that the intensity of the Middle East conflict might be de-escalating.

“As responsible corporate citizens, we believe it is imperative to pass these savings on to consumers as soon as global costs drop,” stated Anthony Chiejina, the Group’s Chief Communications Officer. The refinery’s transparency model was on full display as it also lowered the price for coastal distributors to ₦1,050 per litre, while diesel users saw an even larger victory with a ₦190 reduction, bringing the gantry price down to ₦1,430.

While this reduction offers a temporary shield against the ₦1,500-per-litre “nightmare” predicted earlier in the week, industry experts warn that the market remains on a knife-edge. With the Strait of Hormuz still facing “security jitters,” marketers are advising Nigerians not to expect an immediate return to pre-war prices at the pump. For now, however, the “Tax Tsar” approach to market-driven pricing has proven that when global costs fall, the Lekki-based refinery is willing to hit the brakes on its own price hikes.