Dangote Refinery Cuts Diesel, Jet Fuel Prices By ₦100 Per Litre

Dangote Refinery Cuts Diesel, Jet Fuel Prices By ₦100 Per Litre
Aviation fuel price dropped by ₦100 to ₦1,450.
Marketers expect petrol pump prices to fall towards ₦1,200.

The Dangote Petroleum Refinery has reduced the loading prices of diesel and aviation fuel, days after announcing a cut in the price of petrol.

The refinery slashed the price of Automotive Gas Oil (AGO), popularly known as diesel, by ₦100 per litre. The product, which previously sold for ₦1,700 per litre at the loading gantry, will now be sold at ₦1,600 per litre.

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EKO HOT BLOG reports that Aviation Turbine Kerosene (ATK), also known as jet fuel, also recorded a ₦100 reduction, with the price dropping from ₦1,550 per litre to ₦1,450 per litre.

The latest adjustment followed the refinery’s recent decision to lower the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre.

The petrol price was reduced from ₦1,250 per litre to ₦1,175 per litre.

Industry observers linked the latest price reductions to the recent decline in global crude oil prices, driven by easing geopolitical tensions in the Middle East.

Meanwhile, petroleum marketers have projected that the pump price of petrol could fall to about ₦1,200 per litre following the reduction in ex-depot prices spearheaded by the Dangote Petroleum Refinery.

The development has also compelled other depot operators to review their prices downward to around ₦1,180 per litre, according to data from Petroleumprice.ng.

Despite the reductions at the depot level, many filling stations have yet to adjust their pump prices. Several retail outlets were still dispensing petrol at approximately ₦1,280 per litre as of Tuesday.

Marketers attributed the delay in reflecting the lower prices at filling stations to existing stock purchased at higher rates, noting that operators would need time to exhaust old inventory before implementing the new prices.