Oil and gas prices fall afta Trump say war dey 'veri complete', Dangote Refinery cut petrol and diesel prices

Oil and gas prices fall sharply on Tuesday afta US President Donald Trump tok say di war for Iran dey "veri complete, pretty much".

Crude almost reach $120 barrel on Monday sake of fear say di kasala go cause ogbonge disruption to energy supplies from di Middle East, but e drop back to below $90 sake of Trump comments.

Even though oil prices still dey significantly higher dan e dey bifor di war, global stock markets dey rebound.

Di boss of Saudi Arabia Aramco, wey be di ‌biggest oil exporter for di world, don warn about "catastrophic consequences" if di Strait of Hormuz, di shipping route wey dey crucial to global energy supplies, still dey blocked.

Meanwhile, Dangote Petroleum Refinery don reduce dia ex-depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), wey mark di first downward adjustment afta many sharp increase wey happun recently.

According to di refinery latest pricing template wey dem release on 10 March, 2026, dem don cut down di gantry price of petrol by 100 naira.

So now na 1,075 naira per litre as e come down from 1,175 naira per litre wey be di price bifor.

Dangote Refinery also tok say PMS wey dem supply through di waterways go now sell for 1,050 per litre wey show di difference of price for di products wey come from water.

Di price of Automotive Gas Oil wey pipo sabi as diesel also reduce from 1,620 naira per litre from 1,430 naira wey show say dem comot 190 naira.

About a fifth of di world oil dey usually pass thru di narrow waterway, but dem don stop am since di war start more dan one week ago.

Aramco chief executive, Amin Nasser, bin warn say global stockpiles of oil reach di lowest in di last five years and di supply bottleneck mean say dem go use dis ones at a faster rate.

"Di longer di disruption dey go on... di more drastic di consequences for di global economy," im tok.

Di kasala fit mean say UK inflation fit end di year closer to 3%, versus di current 2% forecast, if energy prices stay as dem be now, na wetin di UK govment official forecaster tok on Tuesday.

Meanwhile, di International Energy Agency (IEA) bin hold dia second meeting wit G7 nations on Tuesday to discuss options to stabilise di global oil market, including to release millions of barrels of crude from kontris wey get am for dia reserve.

Di IEA go hold meeting of member govments later "to make decision" on weda or not to make emergency stocks available.

On Monday, Trump bin tell news conference for Florida: "We bin take a little excursion becos we bin feel say we need to do am to get rid of some evil. Den, I tink all of una don see say e go be a short-term excursion."

Im later write ontop social media: "If Iran do anytin wey stop di flow of Oil within di Strait of Hormuz, di United States of America go hit dem TWENTY TIMES HARDER dan we bin don hit so far."

Di Islamic Revolutionary Guard Corps say "in response to Trump nonsense", Iran armed forces no "go allow di export of a single litre of oil from di region".

Trump comments don raise hopes say di war no go waste time, and Brent crude don fall to $88.80.

However, e still dey higher dan e be bifor di US-Israel war wit Iran wey start on 28 February wen di price of Brent bin dey around $73 for one barrel.

Di increase in oil prices since di war start don dey enta pump prices for di US and di UK.

For di US, average petrol prices don rise above $3.50 per US gallon from about $2.92 one month ago, while diesel rise from $3.66 to $4.78 ova di same period, according to di American Automobile Association.

For di UK, average UK petrol prices don hit 138.95p per litre while diesel don hit 155.12p, as e rise by 6.12p and 12.74p since di end of last month, according motoring firm di RAC.

Gas also drop, wit UK prices for month-ahead delivery wey fall sharply to 119p a therm, well below Monday peak of 171p.

Di fall wey oil prices dey see now don given traders chance to "breathe", but energy markets still dey in a state of "total tug-of-war", na wetin Alberto Bellorin, founder and managing director of oil and gas investment firm InterCapital Energy tok.

Oil trading go "remain incredibly twitchy", e tok, and prices dey likely to spike if di conflict escalate and fall if e be like say e dey calm.

Di hope say di kasala to end sharp-sharp bin lift European stock markets. London FTSE 100 rise by 1.6%, Germany Dax index climb to 2.3% and di French Cac 40 rise 1.8%.

Earlier for Asia, Japan Nikkei 225 bin close up 2.9%, as dem recover from some of di losses dem get on Monday, while South Korea Kospi gain 5.4%.

US market bin fall for di early trade but den head higher, and both S&P 500 and Dow Jones bin go up by around 0.5%.

On Monday, G7 nations bin tok say dem bin dey ready to take "necessary measures" to address di global supply of energy in di light of surging oil prices.

Robin Mills, chief executive of Qamar Energy, one energy consultancy wey dey for Dubai, tell di BBC say dem bin dey reluctant to use dis option too early sake of say "once di strategic reserves don go, dem don go kpatakapata".

However, im acknowledge say na tough decision.

"If you believe say di war don end, as Donald Trump tok, den you no need to use dem. But if you believe say di disruption go continue, now na di time to put a bit of oil back and calm di market," im tok.

Chancellor Rachel Reeves tok on Monday say di UK bin don use di G7 meeting to urge "immediate de-escalation" for di Middle East and guarantee security for vessels for di region.

"I stand gidigba and ready to support co-ordinated release of collective IEA oil reserves," she tok.

Bifor di Iran war, financial markets bin dey expect a cut for UK interest rates at some point dis year. But dis expectations vanish afta oil prices go up and raise di prospect of higher inflation.

Di yield, or interest rate, on two-year govment bonds - wey indicate how much e go cost to borrow money for two years - bin come down to 3.86% afta e bin peak at 4.15% on Monday. Bifor di conflict start, di yield bin dey stand at 3.5%.