Dangote Refinery has increased the gantry price of Automotive Gas Oil (AGO), commonly known as diesel, by N100 per litre amid a sharp rise in international crude oil prices.
The refinery reportedly raised its diesel price from N1,570 to N1,670 per litre, representing an increase of about 6.4 per cent.
A market survey done on Thursday by Daily Post indicated that the new price was already being reflected at the refinery’s gantry, although Dangote Refinery had yet to officially confirm the adjustment as of the time of reporting.
The latest increase is expected to put additional pressure on diesel prices across the country, with retail prices in Abuja potentially moving above the current range of N1,700 to N1,790 per litre.
The development comes just two weeks after the 700,000-barrel-per-day refinery reduced its gantry price for diesel to N1,570 per litre.
On August 6, the refinery also reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,165 per litre.
While the diesel price has now been adjusted upward, the refinery’s petrol gantry price remained unchanged at N1,165 per litre as of Thursday.
The latest development comes amid rising global oil prices. As of 2pm on August 20, Brent crude had risen by about 2 per cent to $94.13 per barrel, while West Texas Intermediate (WTI) crude climbed by approximately 3 per cent to $87.13 per barrel.
Higher crude prices can increase the cost of refined petroleum products, potentially affecting domestic fuel prices and transportation costs.
The impact of the latest Dangote Refinery adjustment is expected to become clearer as marketers review their wholesale and retail prices in the coming days.
