Dangote Petroleum Refinery and Petrochemicals has announced a further reduction in the price of diesel, lowering it from ₦1,075 per litre to ₦1,020 per litre at the gantry price.
In a statement on Tuesday, the company said the move aims to better serve customers and Nigerians amid fluctuating energy costs.
Since beginning diesel production in January 2024, the refinery has implemented multiple price reductions, bringing costs down from an initial ₦1,700 per litre to as low as ₦1,000 at one point.
Similarly, the ex-depot price of petrol was recently slashed from ₦950 to ₦890 per litre, prompting retailers like MRS to adjust their pump prices to ₦925 per litre.
Commenting on the latest price drop, Development Economist and Public Policy Analyst, Prof. Ken Ife, highlighted that Dangote Refinery sacrificed over ₦10 billion to ensure stable fuel prices during the yuletide season.
Speaking on national television, Ife also revealed that Nigeria’s Petroleum Equalisation Fund, responsible for managing price differentials and transport costs, owes marketers over ₦80 billion.
He further emphasized that Dangote’s operations are shifting Nigeria’s petroleum industry focus from Premium Motor Spirit (PMS) to a broader range of refined exports.
