In a move to better serve its customers and Nigerians, Dangote Petroleum Refinery and Petrochemicals has announced a reduction in the cost of its diesel to N1,020 per litre, down from N1,075 per litre at the gantry price.
This latest price slash marks the fourth time the refinery has reduced the price of diesel since it began production in January 2024. Initially, the price was N1,700 per litre, but it has since dropped to N1,000 and now N1,020.
The refinery has also recently reduced the ex-depot price of petrol from N950 to N890 per litre, resulting in marketers dropping their prices. MRS, for instance, is now selling a litre of petrol at N925.
According to Development Economist and Public Policy Analyst, Prof Ken Ife, the Dangote refinery has made significant sacrifices to ensure the availability of petrol at a uniform price across the country. During the yuletide period, the refinery sacrificed over N10bn to achieve this feat.
Prof Ife praised the refinery's efforts, stating that it is steering Nigeria away from its traditional focus on Premium Motor Spirit towards a diversified range of petroleum-based exports. With major international players like Saudi Aramco purchasing refined products from Nigeria, the country is becoming a key player in the global petroleum market.
The refinery's commitment to reducing prices and increasing availability is a welcome development for Nigerians, and its impact on the economy is expected to be significant.e allegedly used the funds to acquire properties. The investigation is ongoing.
