Dangote Petroleum Refinery has lowered its Automotive Gas Oil (AGO), commonly known as diesel, gantry price from N1,850 to N1,780 per litre, effective Thursday, October 1, 2026—Nigeria's Independence Day, marking the country's 66th anniversary. The N70 reduction represents a 3.8% cut, according to a report by Petroleumprice.ng, as monitored by Legit.ng.
Price Adjustment Takes Effect on Independence Day
The refinery did not officially link the price change to the national holiday, though downstream petroleum market observers noted the timing. The new rate applies to customers loading diesel via the gantry channel at the refinery's facilities.
In addition to the gantry price cut, Dangote also revised its coastal AGO pricing premium downward, from ICE plus $90 to ICE plus $70 per metric tonne. This adjustment benefits customers who load AGO directly through the refinery's coastal channel, granting them access to a lower pricing basis alongside those using the gantry.
Other Lagos Depots Sell Diesel Above New Dangote Rate
A survey of depot prices across Lagos shows that most other petroleum marketers are selling AGO at rates above Dangote's new price. Prudent leads the list at N1,890 per litre, followed by Rain Oil at N1,885 per litre and Matrix at N1,880 per litre.
Pinnacle is selling at N1,850 per litre, while Eterna's price stands at N1,795 per litre. A cluster of depots—including Ascon, Duport, Ibachem, Ibeto, Integrated, Menj, Pivot and TMDK—are all listed at N1,800 per litre. Variations across locations and available stock continue to influence wholesale prices among different operators.
Wider Gap Between Dangote and Competitors
Together, the two adjustments—gantry price cut and reduced coastal premium—widen the gap between Dangote's pricing and that of several competing depots in the Lagos market. Businesses that depend on diesel for power generation and transportation are expected to watch the market closely following this development, particularly as depot prices across different locations vary.
NBS Data Shows Diesel Prices Have Risen Sharply
Earlier, the National Bureau of Statistics (NBS) reported that the average retail price of AGO increased by 86.40% year-on-year to N3,277.47 per litre, up from N1,758.26 per litre in the previous year. The latest diesel price watch report also showed that diesel prices rose 32.44% month-on-month, from N2,474.69 per litre in April 2026 to N3,277.47 per litre.
Nasarawa State recorded the highest diesel price at N3,785.84 per litre, followed by Plateau at N3,576.40 and Ebonyi at N3,574.75. The Dangote price cut, effective from October 1, 2026, is expected to influence market dynamics, though retail prices may still vary based on location and supply.
