Dangote Cuts Diesel Price by N80 as Crude Prices Fall

Dangote Petroleum Refinery has reduced the price of Automotive Gas Oil (AGO), commonly known as diesel, by N80 per litre.

The refinery cut its gantry price from N1,780 to N1,700 per litre, with the new rate taking effect from Wednesday, October 7, 2026.

The latest adjustment represents a 4.5 per cent reduction and comes as international crude prices and diesel import costs continue to fluctuate.

Brent crude fell to about $98 per barrel during trading on Tuesday before recovering to around $100.

The latest reduction also brings Dangote’s diesel price close to the prevailing import-parity cost in the domestic market.

It marks the second price cut by the refinery within a month, amid changing global oil prices and lower costs for imported petroleum products.

Data from the Major Energies Marketers Association of Nigeria (MEMAN) showed a sharp drop in diesel import costs within two days.

The estimated spot landing cost fell by N127.28 per litre, from N1,823.68 on September 30 to N1,696.40 on October 2.

MEMAN’s Energy Bulletin also recorded a decline in the seven-day average AGO import-parity cost.

The figure dropped from N1,871.34 per litre to N1,823.19 during the same period.

The decline in diesel import costs coincided with weaker crude prices in the international market.

West Texas Intermediate crude also fell below $90 per barrel as global oil markets continued to experience volatility.

Market movements have reflected competing pressures, including supply concerns linked to the conflict in the Middle East and efforts by major producers and consuming countries to maintain adequate supplies.

In a notice to its customers, Dangote Refinery said it would communicate separately on the corresponding credit values for unloaded gantry volumes affected by the price adjustment.

The refinery had previously lowered its diesel price following a decline in international crude prices and changes in the cost of imported petroleum products.

At N1,700 per litre, the new gantry price stands just N3.60 above MEMAN’s estimated spot import-parity cost of N1,696.40 recorded on October 2.

The latest reduction could also influence depot prices and trigger further adjustments across the domestic diesel market.

Bulk consumers and businesses that depend heavily on diesel for power generation and daily operations are likely to feel the impact of any sustained decline in prices.