Dangote Refinery Cuts Fuel Prices

The Dangote Petroleum Refinery has lowered its gantry prices for Automotive Gas Oil (diesel) and Aviation Turbine Kerosene (jet fuel).

According to industry data, the refinery reduced the diesel gantry price by ₦100, dropping it from ₦1,700 per litre to ₦1,600 per litre, a 5.9 percent reduction.

Jet fuel prices were also cut by ₦100, moving from ₦1,550 per litre to ₦1,450 per litre.

These adjustments come shortly after the facility announced a ₦75 drop in its petrol gantry price, which went from ₦1,250 to ₦1,175 per litre.

The price cuts are linked to a drop in global crude oil prices following the de-escalation of tensions in the Middle East. Brent crude fell below $80 per barrel for the first time in about three months, dropping from $83 on Monday to $78 on Tuesday.

In response to Dangote’s move, private depot operators have also begun lowering their prices to remain competitive. For instance, Rainoil slightly adjusted its jet fuel price, and the average closing price for diesel across various Lagos depots dropped to ₦1,660 per litre.

Despite the lower gantry prices, retail fuel stations have not yet reduced their pump prices.

According to Chinedu Ukadike of the Independent Petroleum Marketers Association of Nigeria (IPMAN), marketers are holding back because they still have expensive old stock.

He urged consumers to be patient, noting that immediate adjustments would cause significant financial losses for station owners. Ukadike noted that fuel loading at the refinery usually pauses briefly after a price announcement, giving marketers a window of a few days to clear out their current inventory before cheaper stock hits the market.