Diesel prices at some major Lagos depots have fallen to ₦1,790 per litre, putting them ₦60 below Dangote Petroleum Refinery’s new Automotive Gas Oil (AGO) gantry price of ₦1,850 per litre.
Petroleumprice.ng gathered that Obat, Duport, T.Time, Ibeto and Ibachem reviewed their AGO prices downward on Friday, September 4, following weak buying activity in the market.
The reductions came within 24 hours of Dangote Refinery’s ₦100 per litre increase in its AGO gantry price. The refinery’s new ₦1,850 per litre rate took effect from 12:00 a.m. on Friday.
Despite the higher refinery price, buying activity at the elevated market level remained weak, with buyers reportedly reluctant to purchase diesel at ₦1,850 per litre. The subdued sales prompted some depot operators to lower their prices in response to market conditions.
The latest reviews have taken AGO prices at the affected depots to ₦1,790 per litre, creating a ₦60 per litre difference between their rates and Dangote Refinery’s current gantry price.
The development places the affected Lagos depots below the refinery’s new benchmark, despite the ₦100 per litre upward review announced by Dangote.
The downward movement indicates that demand conditions are influencing depot pricing, as operators respond to limited buying activity rather than immediately passing the refinery’s higher price through to customers.
The latest reduction also comes amid elevated crude oil prices, which continue to shape the cost environment for refined petroleum products.
For now, AGO prices at the affected depots stand at ₦1,790 per litre, while Dangote Refinery’s gantry price remains at ₦1,850 per litre. Further movements will depend on buying activity, supply conditions and broader developments in the crude and refined-products markets.