Dangote Petroleum Refinery has announced a reduction in the price of Automotive Gas Oil (diesel) at the gantry by N100 to N1,600 per litre, bringing hope for lower transport, logistics, and manufacturing costs in Nigeria. This latest adjustment follows an earlier reduction of petrol prices by N75 for marketers.
The price cut aligns with a recent decline in global crude oil benchmarks after an agreement between the United States and Iran aimed at ending the Middle East war and reopening the Strait of Hormuz. On Tuesday, June 16, Brent crude traded at $78.98 per barrel, down 5.04%, while WTI stood at $76.05 per barrel, down 5.82%.
Impact on Depot Prices
Analysts say the cut is expected to fuel a new wave of price competition in Nigeria's downstream market. In recent days, diesel sold for between N1,660 and N1,670 across major Lagos depots. Here is a breakdown of diesel prices at depots on Tuesday:
- African Terminal: N1,660
- Aiteo: N1,660
- Dangote: N1,700
- Duport: N1,658
- Emadeb: N1,670
- Eterna: N1,662
- Ibeto: N1,658
- Menj: N1,670
- Nipco: N1,680
- Rain Oil: N1,680
- Sahara: N1,660
- Tmdk: N1,670
- Wosbab: N1,670
- Danmarna: N1,680
- Edo Refinery: N1,685
- First Fortune: N1,680
- Optima: N1,680
Aviation Fuel Drops
Dangote has also reduced the price of Aviation Turbine Kerosene (ATK), commonly known as jet fuel, by N100 per litre from N1,550 to N1,450, a 6.5% decline. The adjustment reflects recent movements in crude oil prices and improving global supply conditions. This development comes as airlines grapple with high operational expenses, with jet fuel being one of the biggest cost drivers. The reduction is expected to provide some relief to operators and could help stabilize ticket pricing if sustained.
Petrol Import Plunges
Earlier, the National Bureau of Statistics (NBS) revealed that Nigeria's petrol import bill decreased significantly by N87.401 billion in the first quarter of 2026. The total value fell from N2.271 trillion to N87.401 billion, a 96.2% decrease compared to the same period in 2025. Fuel did not feature among the top 19 traded products with the rest of the world, Africa, or West Africa during the review period.
