Dangote Petroleum Refinery has reduced the price of diesel to ₦1,020 per litre, down from ₦1,075. The company announced the price cut on Tuesday, stating that the move aims to better serve its customers and Nigerians.
Since it began diesel production in January 2024, the refinery has repeatedly reduced prices. Initially, diesel was sold at ₦1,700 per litre before dropping to ₦1,000. Recently, the refinery also lowered the ex-depot price of petrol from ₦950 to ₦890 per litre, leading some marketers, such as MRS, to sell petrol at ₦925 per litre.
Speaking on the latest price reduction, Development Economist and Public Policy Analyst, Prof. Ken Ife, revealed that the Dangote refinery sacrificed over ₦10 billion to ensure stable fuel prices nationwide, especially during the festive season.
Ife also highlighted that Nigeria’s petroleum distribution has historically relied on an equalization fund to balance transportation costs, with the government currently owing marketers over ₦80 billion. He noted that the refinery is shifting Nigeria’s focus from Premium Motor Spirit (PMS) to a broader range of petroleum exports.
With major global buyers like Saudi Aramco now purchasing refined products from Nigeria, the country is strengthening its position in the international petroleum market.