Dangote refinery announces reduction in price of diesel

Dangote refinery on Tuesday announced a reduction in the price of diesel from N1,075 to N1,020 per litre.

The company, in a statement, said the reduction is to better serve its customers and Nigerians in general.

“Dangote Petroleum Refinery & Petrochemicals has reduced the cost of its diesel product to N1,020 per litre, down from N1,075 per litre at the gantry price, in an effort to better serve its customers and Nigerians in general,” the company said.

The company said since it began diesel production in January 2024, it has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

According to the company, the latest reduction of N55 per litre for diesel follows the revelation by Ken Ife, development economist and public policy analyst, that the refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period.

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The statement said he praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” Mr Ife was quoted in the statement as saying.