Dangote Announces New Diesel Price, Cuts Rate by N70 From Today
- Dangote Petroleum Refinery reduced its AGO gantry price from N1,850 to N1,780 per litre, effective October 1, 2026
- Several other Lagos depots are selling diesel above the new Dangote rate, with prices ranging from N1,795 to N1,890 per litre
- The refinery also lowered its coastal AGO pricing premium from ICE plus $90 to ICE plus $70 per metric tonne
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Petroleum Refinery has dropped the price of diesel, also known as Automotive Gas Oil (AGO), by N70 per litre, bringing its gantry price down to N1,780 from the previous N1,850.
The new rate, which represents a 3.8% cut, took effect on Thursday, October 1, 2026, Nigeria's Independence Day, when the country marked its 66th anniversary.
Source: Getty Images
The refinery did not link the price change to the national holiday, though the downstream petroleum market noted the timing, Petroleumprice.ng reports.
Other Lagos depots still selling higher
A survey of depot prices shows that most other petroleum marketers in Lagos are selling AGO at rates above Dangote's new price.
Prudent leads the pack 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 diesel premium also reduced
Beyond the gantry pricing, Dangote also revised its coastal AGO premium downward, moving from ICE plus $90 to ICE plus $70 per metric tonne.
Source: UGC
This change benefits customers who load AGO directly through the refinery's coastal channel, giving them access to 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.
Businesses that depend on diesel for power generation and transportation are expected to watch the market closely following this development, particularly as depot prices across differ
Diesel price drops, 10 states record lowest prices
Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) has revealed that the average retail price of Automotive Gas Oil (AGO), commonly known as diesel, increased by 86.40% year-on-year to N3,277.47 per litre.
According to the latest diesel price watch report released by the statistics agency, the figure rose from N1,758.26 per litre.
The report also showed that 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.
Source: Legit.ng
