By Opeyemi Adelakun
Dangote Refinery has reportedly increased the price of Automotive Gas Oil, popularly known as diesel, amid a fresh rise in international crude oil prices.
A market survey on Thursday indicated that the refinery’s diesel gantry price had risen from N1,570 to N1,670 per litre.
The reported adjustment represents an increase of N100 per litre, or 6.4 per cent.
However, the refinery had not officially confirmed the latest price adjustment as of the time of reporting.
The development could push diesel prices higher at filling stations, where the product was selling between N1,700 and N1,790 per litre in Abuja, according to the report.
The latest increase comes about two weeks after Dangote Refinery reduced its gantry prices for diesel and Premium Motor Spirit.
On August 6, the refinery reportedly cut its diesel price to N1,570 per litre, while PMS was reduced to N1,165 per litre.
Despite the diesel adjustment, the refinery’s reported gantry price for petrol remained unchanged at N1,165 per litre as of Thursday.
The development coincided with a sharp movement in global crude prices. Brent crude rose by about two per cent to $94.13 per barrel, while West Texas Intermediate gained three per cent to $87.13 per barrel as of 2pm on August 20.
Higher crude prices typically increase the cost pressures faced by refiners and could have implications for the prices of refined petroleum products in the domestic market.
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