Dangote Refinery Slashes Diesel, Jet Fuel Prices Amid Decline in Global Crude Oil

Dangote Petroleum Refinery has reduced its gantry prices for Automotive Gas Oil (diesel) and Aviation Turbine Kerosene (jet fuel), marking another downward adjustment in fuel pricing.

Industry data showed that the refinery cut the diesel gantry price by ₦100 per litre, reducing it from ₦1,700 to ₦1,600 — a 5.9 per cent decrease.

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

The latest adjustment comes days after the refinery announced a ₦75 reduction in its petrol gantry price, bringing the cost down from ₦1,250 to ₦1,175 per litre.

The price review follows a decline in global crude oil prices after easing geopolitical tensions in the Middle East. Brent crude fell below the $80 per barrel mark for the first time in nearly three months, slipping from $83 earlier in the week to about $78 per barrel.

Following Dangote’s latest move, private depot operators have also begun adjusting their prices downward to remain competitive. Rainoil reportedly reduced its jet fuel price, while the average closing diesel price across depots in Lagos dropped to ₦1,660 per litre.

Despite the reductions at the depot level, retail fuel stations are yet to reflect the changes at the pump.

Speaking on the delay, Chinedu Ukadike of the Independent Petroleum Marketers Association of Nigeria (IPMAN) explained that marketers are still selling existing stock purchased at higher rates.

He urged consumers to remain patient, noting that immediate price cuts could lead to losses for fuel station operators. According to him, fuel loading activities at the refinery often slow briefly after a price announcement, allowing marketers time to clear older inventory before lower-priced products enter the market.