Diesel Price Crosses ₦2,000 in Nigeria as Lagos Depots Slash Rates Below Dangote’s ₦1,850
- Diesel prices in Nigeria have soared above ₦2,000 per litre, causing concerns for businesses and consumers
- Depot prices rose, with some now reaching ₦1,900 per litre amid higher crude oil costs
- Contrasting price movements in Lagos show some depots reducing diesel costs despite increasing retail rates elsewhere
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The price of Automotive Gas Oil (AGO), popularly known as diesel, has climbed above ₦2,000 per litre in parts of Nigeria, putting fresh pressure on businesses and consumers.
A market survey showed that diesel sold for between ₦2,000 and ₦2,020 per litre on Friday, September 4, 2026, across AA Rano, Empire Energy, Ranoil and other filling stations in Abuja and its environs.
Source: Getty Images
The latest retail prices represent an increase of about ₦220 to ₦300 per litre from the previous range of ₦1,700 to ₦1,800, depending on the location and filling station.
Depot prices rise as retail costs climb
The latest retail increase followed a rise in depot prices, with several operators reportedly moving their diesel prices to around ₦1,900 per litre.
Depot operators including Ranoil Delta, Nigerian Independent Petroleum Company (NIPCO) Warri, Prudent Oghara and Zamson were among those that reviewed their prices, according to PetroleumPriceNG.
The development comes against a backdrop of higher crude oil prices, which have continued to influence the cost of refined petroleum products.
Dangote Petroleum Refinery also raised its AGO gantry price by ₦100 per litre to ₦1,850, with the new rate taking effect from midnight on Friday.
The increase was linked to elevated crude oil prices, with Brent crude trading around $94.74 per barrel and West Texas Intermediate (WTI) at about $90.34 at the time of reporting.
Some Lagos depots move in the opposite direction
While diesel prices increased at several locations, some major Lagos depots moved in the opposite direction.
PetroleumPriceNG reported that Obat, Duport, T.Time, Ibeto and Ibachem reduced their AGO prices to ₦1,790 per litre on Friday, September 4.
The new rate is ₦60 below Dangote Refinery’s ₦1,850 per litre gantry price.
The downward adjustments came less than 24 hours after Dangote Refinery announced its ₦100 increase, highlighting the different forces influencing prices across Nigeria’s diesel market.
According to the report, weak buying activity at the higher market price prompted some depot operators to cut their rates rather than pass the refinery’s increase directly to customers.
What the price gap means
The contrasting movements underline the importance of separating refinery, depot and retail prices when tracking diesel costs in Nigeria.
While some retailers in Abuja are charging more than ₦2,000 per litre, selected Lagos depots are selling below ₦1,850. The difference reflects transportation costs, location, margins, supply conditions and local demand.
For businesses that depend heavily on diesel to power generators and machinery, however, the retail increase remains a concern.
Diesel is widely used by manufacturers, telecommunications companies, logistics operators, hospitals, hotels and small businesses that rely on alternative power sources.
Source: Getty Images
Further price movements will likely depend on crude oil prices, import and domestic supply conditions, depot inventories and the strength of demand across the market.
For now, the Nigerian diesel market presents a striking picture: retail prices have breached ₦2,000 per litre in some areas, even as competition and weak demand push selected Lagos depots below Dangote Refinery’s latest benchmark.
Marketers release new petrol prices, give reason
Legit.ng earlier reported that the recent surge in petrol prices in Nigeria has now reached N1,345 per litre, putting immense pressure on motorists and businesses alike.
As geopolitical tensions continue to influence global oil markets, families and industries brace themselves for the inevitable rise in transport and operational costs, with the potential to further strain already tight budgets.
Source: Legit.ng
