News Update
THE Dangote Refinery has increased the price of Automotive Gas Oil, AGO, otherwise known as diesel, at its gantry nationwide as crude oil prices surged above $94 per barrel.
A market survey conducted on Thursday showed that the refinery raised its AGO price to N1,670 per litre from N1,570 per litre.
The latest adjustment represents a N100, or 6.4 per cent, increase in the price of diesel from the 700,000-barrel-per-day refinery.
However, Dangote Refinery had yet to officially confirm the latest diesel price increase as of the time of reporting.
The development is expected to push the pump price of diesel above the current range of N1,700 to N1,790 per litre in Abuja.
Dangote previously reduced diesel price
Recall that on August 6, Dangote Refinery reduced the gantry prices of both diesel and Premium Motor Spirit, PMS, to N1,570 and N1,165 per litre, respectively.
The latest development comes less than two weeks after the refinery announced the reduction in the prices of the two petroleum products.
While the diesel gantry price was reviewed upward on Thursday, the refinery’s petrol gantry price remained unchanged at N1,165 per litre as of the time of reporting.
Crude oil prices rise
The latest adjustment comes amid a sharp rise in international crude oil prices.
As of 2 p.m. on August 20, 2026, Brent crude had risen by about two per cent to $94.13 per barrel, while West Texas Intermediate, WTI, crude increased by three per cent to $87.13 per barrel.
The increase in crude prices could further influence the cost of refined petroleum products in Nigeria, particularly diesel, which is fully deregulated and responds to market forces.