The Dangote Petroleum Refinery and Petrochemicals have announced a reduction in the price of diesel to N1,020 per litre, down from N1,075 per litre at the gantry price, as stated in a release on Tuesday to better serve customers and Nigerians.
Since the commencement of diesel production in January 2024, the refinery has slashed the price of diesel multiple times, starting from N1,700 per litre to N1,000 initially.
Moreover, the ex-depot price of petrol was also decreased from N950 to N890 per litre by the refinery, prompting marketers to adjust their prices accordingly with MRS selling petrol at N925 per litre.
A Development Economist and Public Policy Analyst, Prof Ken Ife, commended the latest N55 per litre reduction in diesel price by the Dangote refinery, highlighting the substantial financial sacrifice made to maintain a consistent petrol price nationwide during the festive season.
Furthermore, Ife emphasized the refinery’s role in diversifying Nigeria’s petroleum exports away from the traditional focus on Premium Motor Spirit, noting the country’s emergence as a significant player in the global petroleum market with notable international buyers like Saudi Aramco.