Dangote Petroleum Refinery and Petrochemicals has announced a reduction in the price of diesel to N1,020 per litre, down from the previous rate of N1,075 per litre.
In a statement on Tuesday, the company explained that the price adjustment aims to provide better value to customers and ease the financial burden on Nigerians.
Since commencing diesel production in January 2024, the refinery has implemented multiple price cuts, bringing the cost down from an initial N1,700 per litre to as low as N1,000 at one point. Similarly, the refinery recently lowered the ex-depot price of petrol from N950 to N890 per litre, prompting fuel marketers to adjust their rates accordingly, with MRS now selling petrol at N925 per litre.
Reacting to the latest N55-per-litre reduction in diesel prices, Development Economist and Public Policy Analyst, Prof. Ken Ife, highlighted the refinery’s commitment to stabilizing the market. Speaking on a national television program, he noted that Dangote Refinery absorbed losses exceeding N10 billion to ensure uniform fuel pricing nationwide during the festive season.
He further explained that, historically, the Petroleum Equalization Fund had managed pricing disparities and transportation costs across the country, adding that the government currently owes marketers over N80 billion in subsidies under the scheme.
According to Ife, the refinery is shifting Nigeria’s energy sector away from its heavy reliance on Premium Motor Spirit (PMS), also known as petrol, by focusing on a broader range of refined petroleum products for export.
He also emphasized that global industry giants like Saudi Aramco are now purchasing refined products from Nigeria, positioning the country as a key player in the international petroleum market.