BREAKING: Not Petrol, Dangote Refinery Slashes Diesel Price By ₦200
The Dangote Petroleum Refinery has reduced the price of Automotive Gas Oil, also known as diesel, by ₦200 per litre.
The Genius Media Nigeria reports that the new adjustment brings the price down from ₦1,800 to ₦1,600 per litre at the depot level.
The change was made as fresh imported fuel cargoes began arriving in Nigeria, creating more supply in the market and increasing competition in the downstream oil sector.
Reports from industry players said the new price took effect on May 26. Operators in the sector said the move is linked to the arrival of imported petroleum products and rising market pressure on local supply.
A representative of the Petroleum Products Retail Outlets Owners Association of Nigeria said the price cut followed the landing of imported fuel shipments. He noted that the situation in the market has shifted after import vessels started discharging products in the country.
The development comes after disagreements between marketers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority over the issuance of import licences. Some marketers had been approved to bring in fuel, a move that has added more supply to the market.
The situation has also drawn reactions from industry watchers who said the price drop may reduce transport and operating costs if it remains steady. Many businesses that depend on diesel for production and logistics may feel some relief from the reduction.
