Dangote Petroleum Refinery and Petrochemicals has made another significant move by reducing its diesel price to N1,020 per litre, down from N1,075. This follows its efforts to make fuel more affordable for Nigerians. The refinery has already lowered the diesel price multiple times, from N1,700 per litre to N1,000 when it began production in January 2024.
In addition, the refinery recently reduced the ex-depot price of petrol from N950 to N890, leading marketers to lower their prices as well, with MRS now selling petrol at N925 per litre.
The reduction in diesel prices is seen as part of Dangote’s ongoing commitment to ensuring accessible fuel prices for Nigerians. According to Prof. Ken Ife, a Development Economist and Public Policy Analyst, the refinery sacrificed over N10 billion to ensure the uniform availability of petrol during the festive season. He also pointed out that the government owes marketers over N80 billion in equalization funds.
Prof. Ife also highlighted that the Dangote refinery is helping Nigeria shift its focus beyond just Premium Motor Spirit (petrol), tapping into a broader range of petroleum-based exports. With international players like Saudi Aramco purchasing products from Nigeria, the country is gaining recognition as a global player in the petroleum market.
