Business

Dangote Refinery Slashes Diesel Price To N1,000 Per Litre

The Dangote Petroleum Refinery has reduced the cost of diesel by 16.6%, now selling at N1,000 per litre instead of N1,200 per litre, aiming to support Nigeria’s domestic economy. High diesel prices persisted due to global market imports and associated foreign exchange challenges.

But in a statement, the company, stated: “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

“While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.’

According to the company, “this significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”

Recently, Alhaji Aliko Dangote, Chairman of the Dangote Group, stated that his refinery’s ability to offer diesel at significantly lower prices would provide immediate relief to Nigeria’s inflation challenges. Dangote disclosed that his refinery had been selling diesel at N1,200 per litre, compared to the previous market range of N1,650–N1,700.

He further expressed anticipation for a substantial decrease in fuel costs to help alleviate inflation in the upcoming months. Dangote shared these insights while speaking to reporters after visiting President Bola Tinubu to celebrate Eid-El-Fitr in Lagos.

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