Dangote Refinery Increases Diesel Price to N1,670

Dangote Refinery has raised the gantry price of Automotive Gas Oil (AGO), commonly known as diesel, by N100 per litre, increasing it from N1,570 to N1,670 per litre, marking a 6.4% increase. This adjustment comes as international crude oil prices rise, with Brent crude trading at $94.13 per barrel.

The price increase could lead to higher retail prices at filling stations, where diesel is currently sold for between N1,700 and N1,790 per litre in Lagos. The refinery, which has a nameplate capacity of 650,000 barrels per day, had previously reduced its diesel price on August 6.

As of the latest update, the price of Premium Motor Spirit (PMS) remains unchanged at N1,165 per litre. Energy economist Bayo Abioye stated that the increase in diesel prices was expected due to the recent fluctuations in global crude prices, emphasizing that domestic refiners face higher costs when crude prices rise.