Dangote Petroleum Refinery & Petrochemicals has reduced the price of diesel to N1,020 per litre, down from N1,075 per litre. This move aims to provide relief to manufacturers and consumers following the company's absorption of over N10 billion in costs to ensure stable petrol prices during the yuletide season.
Dangote Petroleum Refinery & Petrochemicals has lowered the price of its diesel product to N1,020 per litre, down from N1,075 per litre at the gantry price. This move aims to better serve its customers and Nigeria ns in general. The company stated that since it began diesel production in January 2024, it has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, providing much-needed relief to manufacturers and consumers.
The latest reduction of N55 per litre for diesel follows the revelation by Ken Ife, a development economist and public policy analyst, that the refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period. \Ife praised the refinery for setting a new benchmark in Nigeria's energy sector by unlocking vast opportunities for export revenue. He noted that during the Christmas season, which is traditionally the most challenging period, they often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during the last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy. \This initiative underscores the company's commitment to stabilizing fuel prices and mitigating the impact of economic fluctuations on Nigerian consumers. The refinery's efforts to make diesel more affordable are expected to have a positive ripple effect across various sectors, including manufacturing, transportation, and agriculture.
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