Dangote Refinery cuts diesel price to ₦1,020/litre
Dangote Petroleum Refinery and Petrochemicals has reduced its diesel price to ₦1,020 per litre, down from ₦1,075 at the gantry price.
The company announced the cut late on Tuesday, stating it aims to better serve its customers and Nigerians at large.
This is the latest in a series of reductions since the refinery began diesel production in January 2024. Initially priced at ₦1,700 per litre, the cost has now fallen to ₦1,000, with a recent cut also made to the ex-depot price of petrol, from ₦950 to ₦890 per litre. This has led to marketers, such as MRS, reducing petrol prices to ₦925 per litre.
Professor Ken Ife, a Development Economist, commended the refinery’s move, highlighting that Dangote sacrificed over ₦10 billion to maintain uniform petrol pricing during the festive season. He noted that the government owes marketers over ₦80 billion in equalisation funds, which have traditionally been used to manage price disparities and distribution costs.
Ife also pointed out that the Dangote refinery is helping shift Nigeria’s focus from primarily exporting Premium Motor Spirit, positioning the country as a significant player in the global petroleum market, with major companies like Saudi Aramco now purchasing Nigerian refined products.
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