Dangote Refinery Cuts Diesel, Jet Fuel Prices

The Dangote Petroleum Refinery has announced fresh reductions in the loading prices of diesel and aviation fuel, just days after implementing a price cut for petrol, signaling continued adjustments in response to changing market conditions.

According to industry reports, the refinery reduced the price of Automotive Gas Oil (AGO), commonly known as diesel, by ₦100 per litre, bringing the loading cost down from ₦1,700 to ₦1,600 per litre. Aviation Turbine Kerosene (ATK), widely used as jet fuel, also recorded a ₦100 per litre decrease, with the price dropping from ₦1,550 to ₦1,450.

The latest price review follows an earlier reduction in the gantry price of Premium Motor Spirit (PMS), or petrol, which was lowered by ₦75 per litre from ₦1,250 to ₦1,175.

Market analysts have attributed the downward adjustments to the recent decline in global crude oil prices, driven by easing geopolitical tensions in the Middle East that have helped stabilize the international energy market.

Meanwhile, petroleum marketers have indicated that motorists could soon benefit from lower pump prices, with petrol expected to retail at around ₦1,200 per litre following the reduction in ex-depot prices initiated by the Dangote Refinery.

The development has reportedly compelled other depot operators to revise their own prices to approximately ₦1,180 per litre in a bid to remain competitive. Despite these wholesale reductions, many filling stations have yet to adjust their retail prices, with petrol still selling for about ₦1,280 per litre in several locations as of Tuesday.

Industry stakeholders explained that the delay in reflecting the new prices is largely due to existing inventories purchased at higher costs, noting that retailers are expected to implement the reductions once older stock has been exhausted.