Dangote Petroleum Refinery and Petrochemicals has announced a further reduction in the price of diesel, bringing it down to N1,020 per litre from its previous price of N1,075 per litre at the gantry level.
In a statement released on Tuesday, the company emphasized that the price cut aligns with its commitment to providing affordable energy solutions to Nigerians. This latest reduction marks another step in the refinery’s ongoing efforts to stabilize fuel costs and support economic growth.
Since commencing diesel production in January 2024, Dangote Refinery has implemented multiple price reductions, initially bringing the cost down from N1,700 per litre to N1,000. The company has also recently slashed the ex-depot price of petrol from N950 to N890 per litre, prompting independent marketers such as MRS to adjust their pump prices to N925 per litre.
Speaking on the price adjustment, Development Economist and Public Policy Analyst, Prof. Ken Ife, noted that Dangote Refinery has made significant financial sacrifices to ensure a uniform price of petroleum products across the country, particularly during the festive period. He revealed that the refinery had absorbed over N10 billion in costs to maintain price stability.
Prof. Ife also highlighted the broader impact of Dangote Refinery’s operations on Nigeria’s economy, stating that the facility is gradually shifting the nation’s focus from Premium Motor Spirit (PMS) dependency to a more diversified range of petroleum-based exports. He further noted that major global players, including Saudi Aramco, are now purchasing refined petroleum products from Nigeria, positioning the country as a key player in the international energy market.
With these strategic price adjustments and increased refining capacity, Dangote Refinery is playing a critical role in reshaping Nigeria’s petroleum sector and enhancing fuel affordability for businesses and consumers alike.
