Dangote Petroleum Refinery has increased the ex-depot price of Automotive Gas Oil (diesel) to ₦1,430 per litre, marking a ₦550 increase within five days as global crude prices continue to surge.
Industry sources told Petroleumprice.ng that the refinery temporarily halted diesel loading to allow marketers top up their payments from the previous ₦1,300 per litre price, a move that typically precedes a pricing recalibration at the facility.
The development follows a series of rapid price adjustments in recent days. On March 3, the refinery raised its diesel gantry price by ₦170, from ₦880 to ₦1,050 per litre. Two days later, the price increased again to ₦1,300 per litre, bringing the cumulative rise to ₦420 within one week at the time.
Market participants say the refinery often suspends loading operations before implementing a new price template, allowing buyers who had earlier positions to top up payments to meet the revised rate before lifting products.
The latest increase comes as international crude prices spike sharply, driven by escalating geopolitical tensions in the Middle East linked to the ongoing Israel–U.S. conflict involving Iran.
As of 7:30 a.m. WAT, global oil benchmarks recorded significant gains:
- Brent crude: $92.69, up 8.52%
- WTI crude: $90.90, up 12.21%
Dangote Refinery had earlier attributed its recent price adjustments to volatility in the global oil market, noting that disruptions linked to the Middle East crisis have led to shutdowns and reduced production at some refineries globally, tightening supply of petroleum products.
The rapid sequence of diesel price increases has unsettled bulk buyers and depot marketers, many of whom had positioned their purchases under earlier price structures before the successive upward reviews.