Dangote Petroleum Refinery and Petrochemicals has reduced the price of diesel to N1,020 per litre, down from N1,075 per litre as part of its continued efforts to ease cost pressures on businesses and consumers.
The price reduction was announced in a statement on Tuesday.
Since commencing diesel production in January 2024, the Dangote Refinery has implemented multiple price reductions.
Initially priced at N1,700 per litre, diesel was progressively brought down to N1,000 per litre before increasing to N1,075.
The refinery has also adjusted petrol pricing in recent weeks by reducing its ex-depot price from N950 to N890 per litre.
This move has led to price revisions across the downstream sector with marketers adjusting their rates accordingly.
Following the refinery’s price cut, MRS reduced its pump price to N925 per litre.
Commenting on the latest diesel price reduction, Development Economist and Public Policy Analyst, Prof. Ken Ife, revealed the financial sacrifices made by the refinery to ensure price stability in the country.
“The Dangote refinery sacrificed over N10bn to ensure the availability of petrol at a uniform price across the country during the yuletide period,” Ife stated while speaking on national television.
He further explained that for years, the Equalisation Fund played a role in managing price differentials and covering transportation costs for petroleum distribution.
However, he noted that the government currently owes marketers over N80bn from the fund.
Beyond domestic pricing, Ife emphasised the strategic shift in Nigeria’s energy sector with Dangote Refinery driving diversification away from exclusive reliance on Premium Motor Spirit (PMS).
He pointed out that major global industry players have started purchasing refined petroleum products from Nigeria.
