Dangote lowers petrol price in Nigeria even as Trump resumes the fighting in Iran

The Dangote Petroleum Refinery lowered its wholesale petrol price on Wednesday, July 8, 2026, despite the resumption of the conflict in the Middle East, which, for the last few months, has brought on a surge in energy prices across Africa.

• Dangote Petroleum Refinery reduced its wholesale petrol price by ₦1 to ₦1,075 per litre despite rising global energy prices due to the Middle East conflict.
• This price cut has sparked mild competition among Nigerian fuel suppliers, leading to minor price reductions for consumers.
• MRS Oil Nigeria further lowered its depot price to ₦1,074, making it one of the most affordable options in Lagos.
• Most Lagos depot petrol prices now range between ₦1,074 and ₦1,075 per litre, while some major marketers kept prices unchanged.

This price reduction has instigated minor price competition among local fuel suppliers in Nigeria, offering consumers some relief even as domestic diesel costs escalate and global oil markets experience sudden fluctuations.

The massive refinery trimmed its ex-depot petrol price by ₦1, bringing it down to ₦1,075 per litre from the old price of ₦1,076 per litre.

Local market response and diesel hikes

Dangote’s price change has forced other major oil marketers in Lagos to lower their prices slightly to stay competitive.

MRS Oil Nigeria led the way by cutting its depot price by ₦2 to ₦1,074 per litre from the old price of ₦1,076 per litre, making it one of the cheapest options in the city.

While a few suppliers in Lagos and Warri dropped their rates by ₦1 or ₦2, other major companies like NIPCO, Sahara Energy, and Aiteo kept their prices steady.

Right now, most petrol prices at Lagos depots are stable, staying between ₦1,074 and ₦1,075 per litre.

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This adjustment in fuel pricing occurs despite the resurgence of hostilities in the Middle East, a conflict anticipated to influence global energy markets.

Trump ends Iran ceasefire, spiking global oil prices

Per recent reports, International oil prices jumped by over 7% in a single day after U.S. President Donald Trump announced on Wednesday, July 8, 2026, that America's temporary ceasefire with Iran is officially "over."

According to global trading platforms like Oilprice.com, this caused immediate worries that global oil supplies might run low, pushing the price of international unrefined petroleum on the global commodities exchange up sharply from its previous $72 to nearly $80 a barrel.

Experts warn that if these global tensions keep driving unrefined petroleum prices upward, the cost of raw oil input will become much higher.

This could eventually force fuel prices back up across Nigeria, potentially ending the local price cuts.