Dangote Refinery Slashes Diesel Prices, Offers Relief to Consumers

Dangote Refinery has announced a significant reduction in diesel prices, aiming to ease the financial burden on businesses and consumers amid rising fuel costs.

Dangote Petroleum Refinery and Petrochemicals has announced an additional decrease in the price of diesel, reducing it from ₦1,075 per litre to ₦1,020 per litre at the gantry rate.

In a statement released on Tuesday, the company announced that this decision is intended to enhance service for customers and Nigerians in response to fluctuating energy costs.

Since starting diesel production in January 2024, the refinery has enacted several price cuts, reducing costs from an initial ₦1,700 per liter to as low as ₦1,000 at one point.

In a similar move, the former depot price of petrol was recently reduced from ₦950 to ₦890 per litre, leading retailers like MRS to change their pump prices to ₦925 per litre.

Development Economist and Public Policy Analyst Prof. Ken Ife noted that during the yuletide season, Dangote Refinery made a significant sacrifice of over ₦10 billion to maintain stable fuel prices in light of the recent price decline.

During a national television appearance, Ife disclosed that Nigeria’s Petroleum Equalisation Fund, which oversees the management of price differentials and transport costs, owes marketers more than ₦80 billion.

He highlighted that Dangote’s activities are redirecting Nigeria’s petroleum industry focus from Premium Motor Spirit (PMS) to a wider array of refined exports.