Dangote Petroleum Refinery and Petrochemicals has announced a reduction in the price of diesel to N1,020 per litre from the previous N1,075 at its gantry price.
In a statement issued on Tuesday, the company stated that the decision was aimed at better serving Nigerians and its customers.
The PUNCH recalls that since commencing diesel production in January 2024, the refinery has lowered the price multiple times, reducing it from an initial N1,700 per litre to N1,000.
Recently, it also slashed the ex-depot price of petrol from N950 to N890 per litre, prompting marketers to adjust their pump prices. MRS, for instance, is now selling a litre of petrol at N925.
Commenting on the N55 reduction per litre for diesel, Development Economist and Public Policy Analyst, Prof. Ken Ife, said on national television that Dangote Refinery sacrificed over N10 billion to ensure petrol availability at a uniform price across the country during the yuletide season.
“For years, the equalisation fund managed price differentials and transportation costs for distributing petroleum nationwide, and the government currently owes marketers over N80 billion from this fund,” Ife said.
He further explained that the refinery is shifting Nigeria’s focus from its heavy dependence on Premium Motor Spirit to a more diversified export of petroleum-based products.
“With major international players such as Saudi Aramco purchasing refined products from Nigeria, the country is rapidly positioning itself as a significant player in the global petroleum market,” Ife added.
