Lagos Depots Cut Diesel Price Below Dangote Refinery’s N1,700 Rate
By Aboki Forex —
Four major Lagos depot owners have reduced their diesel loading price below the N1,700 per litre gantry rate recently announced by Dangote Petroleum Refinery. The move signals rising competition in Nigeria’s deregulated petroleum market.
According to market data from Petroleumprice.ng, African Terminal, AIPEC, Duport and Ibeto are now selling automotive gas oil (AGO) at N1,698 per litre as of Thursday, 4 June 2026. That is N2 lower than Dangote’s ex-depot price of N1,700.
Industry experts say the price cuts are aimed at attracting bulk buyers such as marketers, manufacturers and logistics operators who rely heavily on diesel to run their businesses. The adjustment is also seen as an effort to set a new pricing benchmark in the AGO supply chain.
The change comes days after Dangote refinery revised its own pricing strategy due to shifting market dynamics. Although the N2 difference appears small, market players note that such a gap can significantly affect large volume purchases over several months. Price differences are now influencing buying decisions and distribution patterns across the country.
Other depots including A.A Rano, Aiteo, Emadeb, Menj, Sahara and Wosbab are still selling at N1,700 per litre. Rain Oil has the highest price at N1,800 per litre.
Analysts say the development could push diesel prices lower if supply remains strong and global oil market volatility eases. All eyes are now on whether Dangote refinery will adjust its price again in response to its competitors.
Earlier, the National Bureau of Statistics reported that the average retail price for diesel stood at N1,361.57 per litre in January 2026. That was a 9.32% drop from N1,501.58 in January 2025, and a 2.86% decline from N1,401.63 in December 2025.