The Dangote Petroleum Refinery has reduced the prices of key refined products, including diesel and aviation fuel, as global crude oil values continue to decline.
Diesel now sells at N1,600 per litre, down from N1,700, while jet fuel has been adjusted to N1,450 per litre from N1,550. The latest changes represent a N100 cut on both products.
The adjustments come shortly after the refinery also lowered its petrol gantry price from N1,250 to N1,175 per litre, signalling a broad downward review across its product range.
Data from market tracking platform Petroleumprice.ng linked the price changes to falling international crude oil prices, triggered by easing geopolitical tensions in the Middle East. Brent crude, the global benchmark, has dropped from around $83 per barrel to about $78, slipping below the $80 mark for the first time in months.
At its peak during earlier global disruptions, Brent crude had surged to about $120 per barrel before stabilising below $70 prior to the latest price swings.
The refinery’s pricing move has already influenced competition in the downstream sector, with depot operators beginning to make small downward adjustments to remain competitive. Some Lagos-based depots have recorded slight reductions in jet fuel and diesel prices, though retail pump adjustments are yet to fully reflect the changes.
Officials in the downstream sector say the market is still adjusting because many marketers are working through previously purchased, higher-cost stock. The Independent Petroleum Marketers Association of Nigeria IPMAN noted that price changes at the retail level typically lag behind refinery adjustments, as operators avoid losses on old inventory before switching to new supply.
Industry analysts also expect further price movement in the coming days if global oil prices remain subdued and geopolitical tensions continue to ease. However, concerns remain among some stakeholders that imported fuel could still compete strongly with locally refined products in certain segments of the market.
Consumers, meanwhile, are watching to see how quickly the reductions will translate into lower pump prices nationwide.
