Dangote Refinery cuts diesel price again to N1,500 per litre
By Aboki Forex —
Dangote Refinery has reduced its diesel gantry price by N100 to N1,500 per litre. This is the second price cut in one week.
The price dropped by 6.25% from the previous N1,600 per litre. The move follows growing competition in Nigeria's deregulated downstream market.
Data shows that several private depots in Lagos are now selling below the refinery's rate. Prices at depots range between N1,565 and N1,570 per litre depending on stock levels and cash positions.
Industry sources say the price falls are driven by rising competition and panic selling. Traders are focusing on quick stock turnover instead of wide profit margins.
A company official said the refinery will keep adjusting prices downward if private depots continue to undercut its benchmark. The official noted that supply and demand now dictate direction in the deregulated market.
The price reduction also reflects softer global crude oil prices. Brent crude traded at $79.53 per barrel while West Texas Intermediate stood at $75.83 per barrel.
Manufacturers and transport companies are expected to benefit from lower diesel costs. The reduction could help cut operational expenses across several sectors.