The Dangote Petroleum Refinery and Petrochemicals has announced a further reduction in the price of diesel, lowering it from N1,075 to N1,020 per litre at the gantry price.
In a statement issued on Tuesday, the company said the price adjustment was aimed at serving its customers better and supporting Nigerians amid economic challenges.
Multiple Price Reductions Since January 2024
Since it commenced diesel production in January 2024, the Dangote refinery has consistently reduced prices. The product, initially sold at N1,700 per litre, was previously slashed to N1,000, demonstrating the company’s commitment to market stability and affordability.
Similarly, the refinery recently lowered the ex-depot price of petrol from N950 to N890 per litre, prompting marketers to adjust pump prices, with MRS selling petrol at N925 per litre.
Economic Impact and Expert Commentary
A Development Economist and Public Policy Analyst, Prof. Ken Ife, noted that the refinery sacrificed over N10 billion to ensure uniform petrol pricing across the country during the Yuletide season.
Speaking on national television, Ife highlighted the role of the now-defunct equalisation fund in stabilizing fuel prices across Nigeria. He also revealed that the government owes marketers over N80 billion in equalisation fund payments.
Nigeria’s Position in the Global Petroleum Market
Prof. Ife emphasized that Dangote Refinery is shifting Nigeria’s focus from Premium Motor Spirit (PMS) dependency to a more diversified petroleum-based export economy.
He further noted that major international companies, including Saudi Aramco, are now purchasing refined products from Nigeria, positioning the country as an emerging powerhouse in the global petroleum market.
The latest price reduction reaffirms Dangote Refinery’s growing influence in stabilizing fuel prices and reshaping Nigeria’s energy sector.
