The Dangote Petroleum Refinery has announced an N80 reduction in the price of Automotive Gas Oil, popularly known as diesel, bringing its gantry price down from N1,780 to N1,700 per litre.
The revised price will take effect from Wednesday, October 7, 2026, according to a notice issued by the refinery to its customers.
The adjustment represents a 4.5 per cent reduction and comes as the cost of importing diesel declines amid fluctuations in the global crude oil market.
Brent crude traded at about $98 per barrel on Tuesday before recovering to approximately $100, while West Texas Intermediate crude also slipped below $90 per barrel.
According to Petroleumprice.ng, the latest adjustment represents the second reduction in Dangote Refinery’s diesel price within a month, bringing its gantry price closer to the current import-parity level.
Figures from the Major Energies Marketers Association of Nigeria showed that the estimated spot landing cost of diesel declined by N127.28 per litre in two days.
The cost fell from N1,823.68 per litre on September 30 to N1,696.40 per litre on October 2.
MEMAN’s Energy Bulletin also recorded a drop in the seven-day average AGO import-parity cost, which moved from N1,871.34 per litre to N1,823.19 per litre within the same period.
The reduction in import costs came alongside weaker international crude prices. Brent crude dropped to about $98 per barrel during Tuesday’s trading session before recovering to around $100, while WTI fell below $90.
The crude price movement occurred against the backdrop of continued volatility in the global oil market, with supply concerns associated with the Middle East conflict weighing against efforts by major oil producers and consuming countries to sustain adequate supplies.
In the notice sent to customers, Dangote Refinery said the corresponding credit values for all unloaded gantry volumes affected by the downward price adjustment would be communicated separately.
The refinery had previously reduced its diesel price following a decline in international crude prices and changes in the cost of imported petroleum products.
Despite the latest reduction, Dangote’s new gantry price of N1,700 per litre remains slightly above MEMAN’s estimated spot import-parity cost of N1,696.40 per litre recorded on October 2.
The latest price cut could place additional pressure on depot prices and influence diesel prices across the domestic market, particularly for bulk consumers and businesses that depend significantly on AGO for power generation and other operations.
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