Dangote Petroleum Refinery and Petrochemicals has announced a reduction in the price of its diesel to N1,020 per litre, down from the previous price of N1,075 per litre at the gantry.

The company stated that this price reduction is aimed at better serving its customers and Nigerians in general. The refinery began diesel production in January 2024 and has previously reduced the price multiple times, from an initial N1,700 per litre to N1,000.

In addition to the diesel price reduction, Dangote Refinery recently lowered the ex-depot price of petrol from N950 to N890 per litre, prompting marketers like MRS to drop their prices, with petrol now being sold at N925 per litre.

Prof. Ken Ife, a Development Economist and Public Policy Analyst, commented on the reduction, noting that the Dangote refinery sacrificed over N10 billion to ensure uniform petrol pricing across the country during the festive season. He also highlighted the government’s outstanding debt to marketers, which is over N80 billion, due to the equalization fund that manages price differences and transportation costs.

Ife further pointed out that the Dangote refinery is shifting Nigeria’s focus from its traditional reliance on Premium Motor Spirit (PMS) to a more diversified range of petroleum-based exports. With global players like Saudi Aramco purchasing refined products from Nigeria, the country is rapidly becoming a key player in the global petroleum market.