Dangote Petroleum Refinery has cut its diesel price back to ₦1,750 per litre, signalling relief for downstream marketers and transport operators after a brief spike to ₦1,950. Loading at the refinery resumed yesterday at around 3:00 PM (WAT), following the initial dip in crude oil prices, stabilising supply and bringing gantry operations back on track.
The move comes at a time of renewed volatility in global oil markets. Iran has reportedly closed the Strait of Hormuz less than 24 hours after agreeing to a ceasefire with the United States, citing Israel’s continued attacks on Lebanon.
As at the time of writing, 08:40 AM WAT: Brent crude traded at $97.20 per barrel (+2.59%), while West Texas Intermediate (WTI) stood at $97.37 per barrel (+3.14%).
Industry sources note that Dangote’s price adjustment reflects strategic market management, aiming to ease depot-level pressures and moderate retail pump pricing. With loading operations back, diesel availability in major hubs like Lagos, Port Harcourt, and Warri is expected to improve, offering a temporary reprieve for consumers.
The development further cements Dangote Refinery’s position as a key price-setter in Nigeria’s deregulated diesel market, where nimble response to supply shifts is now critical to downstream stability.