Dangote Petroleum Refinery and Petrochemicals has announced another price cut, lowering the cost of its diesel to N1,020 per litre—down from the previous N1,075 per litre at the gantry price.
In a statement on Tuesday, the company emphasised that the move aims to provide better value to its customers and Nigerians at large.
Since commencing diesel production in January 2024, the refinery has consistently slashed prices, dropping them multiple times—from an initial N1,700 per litre to as low as N1,000.
Recently, the refinery also reduced the ex-depot price of petrol, cutting it from N950 to N890 per litre.
As a result, fuel marketers adjusted their pricing, with MRS now selling petrol at N925 per litre.
Reacting to the latest diesel price reduction of N55 per litre, Development Economist and Public Policy Analyst Prof. Ken Ife noted that Dangote Refinery absorbed losses exceeding N10 billion to ensure price stability across the country during the festive season.
Speaking on national television, Ife explained that for years, the equalisation fund had been used to manage price disparities and transportation costs in petroleum distribution. He pointed out that the government currently owes marketers over N80 billion from the fund.
Beyond price adjustments, Ife highlighted a crucial shift: Nigeria is moving beyond its dependence on Premium Motor Spirit (PMS), expanding its footprint in the global petroleum market. He noted that international giants like Saudi Aramco are now purchasing refined products from Nigeria, signalling the nation’s growing influence in the industry.
