Dangote Refinery has raised the gantry price of Automotive Gas Oil (AGO), commonly known as diesel, by N100 to N1,670 per litre across its national outlets, according to a market survey conducted on Thursday. The increase, representing a 6.4 per cent jump from the previous N1,570 per litre, comes as international crude oil benchmarks strengthened, with Brent crude trading at $94.13 per barrel and West Texas Intermediate at $87.13 per barrel.
The 700,000-barrel-per-day facility has not officially confirmed the new diesel price as of press time. However, the adjustment signals a reversal from August 6, when the refinery reduced diesel to N1,570 per litre and Premium Motor Spirit (PMS) to N1,165 per litre. While diesel prices have moved upward, the petrol gantry price remains unchanged at N1,165 per litre.
Industry observers anticipate the latest hike will push retail pump prices above the current Abuja range of N1,700 to N1,790 per litre, adding pressure on consumers and businesses already navigating high energy costs. The price movement correlates with a recent uptick in global oil markets, where Brent and WTI crude rose by approximately 2 per cent and 3 per cent respectively in recent trading sessions.
Analysts note that the refinery’s pricing decisions are closely watched as a benchmark for the domestic downstream sector, given its capacity to meet a significant share of Nigeria’s refined petroleum demand. The latest increase underscores the sensitivity of local fuel costs to international crude fluctuations, even as the country seeks to reduce reliance on imported petroleum products.
Stakeholders are awaiting formal communication from Dangote Refinery regarding the sustainability of the new price level and any potential adjustments to petrol prices in the coming weeks. The development highlights the ongoing interplay between global market dynamics and domestic energy pricing in Africa’s largest Economy.
