Dangote Confirms Subsidy on Petrol and Diesel Amid Global Oil Price Surge
A senior Dangote Group official has revealed that its refinery has been subsidising petrol and diesel sales to the Nigerian market. The current ex-depot price of N1,200 per litre remains below competitive market rates despite recent crude oil surges. Oil prices spiked from $66 to over $100 per barrel after Iran blocked the Strait of Hormuz. Dangote raised its gantry price from N774 to N1,200 per litre for petrol and adjusted diesel rates to cushion consumers. In the aviation sector, Jet A-1 prices have climbed more than 350%, prompting airlines to warn of possible shutdowns. Dangote, which supplies over 90% of the country’s aviation fuel, sells jet fuel to marketers at around N1,799 per litre. Industry groups are calling for greater transparency and proportionate pricing. While marketers cite global factors for the hikes, airlines urge rates to reflect international benchmarks to sustain operations.
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