Dangote Refinery Slashes Diesel and Jet Fuel Prices as Falling Crude Oil Costs Ease Market Pressure
The Dangote Petroleum Refinery has announced another round of fuel price reductions, cutting the gantry prices of diesel and aviation fuel by N100 per litre. The latest adjustment sees diesel prices drop from N1,700 to N1,600 per litre, while jet fuel prices fall from N1,550 to N1,450 per litre. The development comes barely hours after the refinery reduced its petrol gantry price by N75, signaling a broader downward trend in fuel costs.
Industry observers say the price cuts are largely driven by declining global crude oil prices following easing tensions in the Middle East. As concerns over supply disruptions continue to fade, international oil prices have fallen sharply, creating room for refiners and fuel marketers to adjust their pricing structures. The move by Dangote Refinery is already sending ripples through Nigeria’s downstream petroleum market.
Private depot operators have also begun reviewing their prices in response to the refinery’s latest adjustments. Data from industry sources show that several depots across Lagos recorded lower diesel prices, while companies involved in aviation fuel supply have also started implementing slight reductions. Market analysts believe increased competition among fuel suppliers could lead to further price decreases in the coming days.
Meanwhile, Brent crude oil, the global benchmark for oil prices, has dropped significantly from recent highs. After trading above $80 per barrel earlier in the week, prices slipped to around $78 per barrel, marking one of the lowest levels seen in months. The decline follows improved diplomatic signals between the United States and Iran, raising hopes of greater stability in global energy markets and reducing fears of prolonged supply disruptions.
Speaking on the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, explained that consumers may not immediately see lower pump prices because many marketers are still selling existing stock purchased at higher rates. He assured Nigerians that retail prices would gradually adjust as new supplies enter the market. However, some industry stakeholders and consumers continue to express concerns that fuel prices remain relatively high despite the recent decline in crude oil costs, urging regulators to encourage greater competition and ensure consumers fully benefit from market-driven price reductions.
source: punch