Dangote Refinery Slashes Diesel, Jet Fuel Prices Amid Falling Crude Oil Prices

The Dangote Petroleum Refinery has announced another reduction in the prices of petroleum products at its loading gantry, cutting the cost of diesel and aviation fuel by ₦100 per litre.

Naijapunchnews reports that the latest adjustment comes days after the refinery reduced the price of Premium Motor Spirit (PMS), popularly known as petrol, in what appears to be a response to changing global crude oil market conditions.

According to industry sources, the price of Automotive Gas Oil (AGO), commonly referred to as diesel, has been reduced from ₦1,700 per litre to ₦1,600 per litre.

Similarly, Aviation Turbine Kerosene (ATK), also known as jet fuel, has dropped from ₦1,550 per litre to ₦1,450 per litre following the latest review.

The move follows the refinery’s earlier decision to cut its petrol gantry price by ₦75 per litre, reducing PMS from ₦1,250 per litre to ₦1,175 per litre.

Industry observers linked the downward price adjustments to recent declines in international crude oil prices after tensions in the Middle East eased, reducing pressure on global energy markets.

The latest cuts have triggered expectations that petrol prices at filling stations may also reduce in the coming days.

Petroleum marketers said the reduction in ex-depot prices could push petrol prices down to around ₦1,200 per litre, as other depot operators have reportedly adjusted their prices to remain competitive.

However, many filling stations have yet to reflect the reduction, with some outlets still selling petrol at about ₦1,280 per litre.

Marketers explained that the delay was due to existing stock purchased at higher prices, adding that retailers may need time to exhaust old supplies before adopting the new pricing structure.

The development is expected to bring some relief to consumers and businesses that have faced rising transportation and operational costs due to high energy prices.