The pump price of diesel dropped from approximately N1,700 per litre to around N1,350 per litre in various locations nationwide.
This noteworthy reduction comes as a direct consequence of the recent entry of Dangote Petroleum Refinery into the market as confirmed by industry sources.
The $20 billion worth refinery, a monumental addition to Nigeria’s industrial landscape, commenced the distribution of diesel to the domestic market last Wednesday. Since then, it has made available a minimum of one million litres to registered oil marketers.
Officials from the refinery, alongside oil dealers, have confirmed the sale of diesel to marketers at competitive prices ranging between N1,225 and N1,300 per litre, depending on the volume of purchase.
The move has been met with enthusiasm from stakeholders, with optimism regarding its potential to drive further reductions in diesel prices across the country.
Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed confidence in the refinery’s impact on the market, noting that the initiative would lead to a notable decrease in diesel prices.
He highlighted that the recent surge in diesel prices, reaching as high as N1,700 per litre, would likely be reversed due to the increased availability of the commodity from Dangote Refinery.
As the refinery continues its operations and plans for the release of Premium Motor Spirit (PMS) in the coming months, consumers remain hopeful for sustained downward pressure on fuel prices, offering a promising outlook for economic relief and stability.