The Dangote Petroleum Refinery has raised the diesel price from N940 per litre to N1,100 due to the slide in the naira’s value against the US dollar.

On April 17, 2024, the refinery reduced the product’s price from N1,200 per litre to N1,000, following marketers' calls for a price slash.

Dangote refinery slashes prices of diesel and aviation fuel

On April 24, 2024, the refinery crashed the diesel and aviation fuel prices to N940 per litre and N980, respectively.

After a week, the $20 billion facility again announced another price crash for diesel but with a caveat that the changes only applied to dealers buying up to five million litres and above.

However, on Tuesday, May 21, 2024, diesel costs from the facility rose from N940 per litre to N1,100.

Punch reports that some other dealers who bought the product said they purchased at N1,200 per litre.

Oil marketers blame the naira's crash

Oil marketers reported that the refinery's hike in diesel prices was due to the recent naira crash against the dollar.

Reports say the national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maiandi, disclosed that the refinery had earlier reduced its diesel price to about N940 per litre but raised it to N1,100.

Maigandi attributed the rise to the naira’s slide against the US dollar.

IPMAN’s national public relations officer, Ukadike Chinedu, reportedly said the naira’s crash against the dollar is driving up the cost of the commodity at the refinery.

He stated that the refinery imports crude oil from abroad and that crude oil is usually priced in dollars.

Depot price rises to N710/litre in Lagos

The development comes as oil marketers report that depot owners have also hiked petrol prices to N710 per litre. Vanguard reports that with the increase, petrol pump prices at outlets owned by IPMAN also increased to between N730 to N750 per litre, leading to queues resurfacing at some filling stations operated by major marketers and NNPC, which sell the product at an average price of N650 per litre.

Depot owners reportedly sold the product for between N701 and N735 per litre, while others sold it for N705 per litre.