Nigeria’s diesel market witnessed a fresh pricing shift on Thursday as several Lagos-based depot owners moved ahead of the market by reducing their Automotive Gas Oil (AGO) loading prices below the ₦1,700 per litre gantry rate currently offered by the Dangote Petroleum Refinery.
Checks by Petroleumprice.ng on June 4, 2026, showed that major depots, including African Terminal, Duport, Ibeto and Aipec, reviewed their diesel prices downward to ₦1,698 per litre. The adjustment places their loading rates ₦2 lower than Dangote Refinery’s prevailing ex-depot price, signalling growing competition among suppliers for market share in Nigeria’s downstream petroleum sector.
The latest development comes barely days after Dangote Refinery adjusted its diesel pricing strategy amid changing market conditions. Industry players say the downward movement reflects increased product availability and efforts by depot operators to remain attractive to bulk buyers, independent marketers, manufacturers and logistics companies that rely heavily on diesel for operations.
Market analysts note that while the price difference may appear marginal, it could translate into significant savings for large-volume consumers. For marketers lifting millions of litres monthly, even a small reduction in ex-depot prices can influence purchasing decisions and product sourcing patterns across the country.
According to checks by Petroleumprice.ng, the reviewed depot prices were uniform across the four depots, with African Terminal, Duport, Ibeto and Aipec all selling AGO at ₦1,698 per litre. The pricing move reinforces the increasingly competitive nature of Nigeria’s deregulated petroleum market, where suppliers are constantly adjusting rates in response to supply dynamics, inventory levels and market demand.
Industry observers believe the latest reductions could place additional pressure on diesel prices in the coming days, particularly if supply remains robust and crude oil market volatility eases. Attention is now turning to whether Dangote Refinery will respond with fresh price adjustments as competition for customers continues to intensify across the downstream sector.