Dangote Petroleum Refinery has announced a reduction in the price of diesel from ₦1,075 to ₦1,020 per litre at the gantry price.
In a statement on Tuesday, the company explained that the price cut aims to better serve customers and support Nigerians amidst economic challenges.
Consistent Price Reductions Since January 2024
Since starting diesel production in January 2024, the refinery has consistently lowered prices. The product, originally priced at ₦1,700 per litre, was cut to ₦1,000, highlighting the company’s commitment to market stability and affordability.
Additionally, the refinery recently reduced the ex-depot price of petrol from ₦950 to ₦890 per litre, prompting marketers to adjust pump prices, with MRS selling petrol at ₦925 per litre.
Economic Impact and Expert Insights
Development Economist Prof. Ken Ife noted that Dangote sacrificed over ₦10 billion to maintain uniform petrol pricing during the holiday season. Speaking on national television, Ife discussed the role of the now-defunct equalisation fund in stabilizing fuel prices and revealed the government owes marketers over ₦80 billion in payments.
Nigeria’s Role in the Global Petroleum Market
Ife emphasized Dangote Refinery’s shift towards diversifying Nigeria’s petroleum exports, moving away from PMS reliance. He added that international giants, including Saudi Aramco, now purchase refined products from Nigeria, positioning the country as a rising force in the global petroleum market.
The price reduction reinforces Dangote Refinery’s role in stabilizing fuel prices and reshaping Nigeria’s energy sector.
