Dangote Cuts Diesel Price to N1,780 Per Litre

Dangote Petroleum Refinery has reduced its Automotive Gas Oil (AGO) gantry price from N1,850 to N1,780 per litre, a cut of N70 per litre, or 3.8%. The new rate took effect on Thursday, October 1, 2026, the day Nigeria marked its 66th Independence Day anniversary.

The refinery did not tie the price change to the national holiday, though the downstream petroleum market took note of the timing.

Lagos depots still sell above the new rate

A survey of depot prices shows most other petroleum marketers in Lagos are selling diesel above Dangote's new price. Prudent leads 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 sits 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.

Coastal premium also lowered

Beyond the gantry price, Dangote revised its coastal AGO premium downward, moving from ICE plus $90 to ICE plus $70 per metric tonne. The change benefits customers who load AGO directly through the refinery's coastal channel, giving them a lower pricing basis alongside those using the gantry.

Together, the two adjustments widen the gap between Dangote's pricing and that of several competing depots in the Lagos market.

Retail prices remain far higher

The refinery cuts land against a much higher retail market. The National Bureau of Statistics reported that the average retail price of diesel rose 86.40% year on year to N3,277.47 per litre, from N1,758.26 per litre.

The report also showed 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.

What it means for businesses

Businesses that depend on diesel for power generation and transportation are expected to watch the market closely, particularly as depot prices differ across locations. Lower gantry and coastal premiums at the refinery could ease cost pressure for large buyers, but the NBS retail figures show how far pump-level prices remain from the refinery gate.