LAGOS, Nigeria – In a significant economic move, the Dangote Petroleum Refinery announced a substantial reduction in diesel prices on Tuesday, April 16, 2024, dropping from N1,200 to N1,000 per liter.
This adjustment marks a continued trend of price cuts from the refinery, following a previous reduction that brought prices down from about N1,600 per liter.
The refinery, which commenced production of diesel and aviation fuel earlier in January, has been actively participating in stabilizing fuel prices within Nigeria.
When it began distributing products three weeks ago, it already offered a more than 30 percent price reduction.
According to the company, this strategy is not only aimed at easing consumer costs but also at reducing the country’s high inflation rate.
“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,” the company stated.
The move is expected to have widespread positive effects on all sectors of the Nigerian economy.
Dangote Refinery’s proactive measures come after the first crude oil delivery to the plant on December 12, 2023, with the first cargo consisting of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO).
Since then, the refinery has received a total of six million barrels of crude, including a recent shipment of one million barrels of Bonny Light crude from the Nigeria National Petroleum Company (NNPC Ltd).
These efforts by Dangote Refinery to offer competitively priced diesel are seen as a crucial step toward fostering economic stability and growth.
