NEWS
Crude Oil Surge Pushes Dangote Refinery Diesel Price Up by ₦100 Per Litre
The rising cost of crude oil in the international market has begun to exert fresh pressure on Nigeria’s downstream petroleum sector, with the Dangote Refinery increasing the gantry price of Automotive Gas Oil, popularly known as diesel, by ₦100 per litre.
The latest adjustment takes the refinery’s diesel price from ₦1,570 to ₦1,670 per litre, representing an increase of approximately 6.4 per cent.
The development comes as global crude oil prices continue their upward movement. As of 2 p.m. on August 20, 2026, Brent crude had climbed by about 2 per cent to $94.13 per barrel, while West Texas Intermediate crude rose by about 3 per cent to $87.13 per barrel.
The increase is expected to trigger a fresh rise in diesel prices across filling stations and other retail outlets, particularly in major cities. In Abuja, where diesel currently sells for between ₦1,700 and ₦1,790 per litre, the pump price could move even higher as marketers adjust to the new gantry cost.
The price increase marks a sharp reversal from the refinery’s earlier intervention in the market. On August 6, the 700,000-barrel-per-day facility reduced the gantry prices of diesel and Premium Motor Spirit, PMS, to ₦1,570 and ₦1,165 per litre respectively, offering temporary relief to consumers and businesses battling high energy and transportation costs.
However, while diesel has now recorded a fresh upward adjustment, the refinery’s gantry price for petrol has remained unchanged at ₦1,165 per litre.
The latest development underscores the strong connection between international crude oil prices and the cost of refined petroleum products in Nigeria. With diesel serving as a major source of energy for industries, transporters, manufacturers, construction companies and businesses that rely on generators, a sustained increase in its price could further raise operating costs across several sectors of the economy.
As crude oil prices continue to climb, attention will now turn to whether the upward movement will persist and how quickly the rising cost of diesel could filter through to the prices of goods and services across the country.