Dangote Petroleum Refinery & Petrochemicals has further reduced the price of diesel to N1,020 per litre, down from N1,075, in a move aimed at easing costs for businesses and consumers.
Since commencing diesel production in January 2024, the refinery has implemented multiple price cuts, bringing the cost down from an initial N1,700 per litre to its current level.
This has provided much-needed relief to manufacturers and the transportation sector.
The latest N55 per litre reduction follows insights from Development Economist and Public Policy Analyst, Prof. Ken Ife, who revealed that Dangote Refinery sacrificed over N10 billion to maintain stable petrol prices during the Christmas season.
He commended the refinery for setting a new benchmark in Nigeria’s energy sector and expanding the country’s export potential.
Speaking on Arise TV, Prof. Ife explained that Nigeria’s petroleum equalisation fund, designed to cover price differentials and transportation costs, is currently in debt to marketers by over N80 billion.
With this challenge, he noted that the federal government has shifted the subsidy burden to private sector players like Dangote.
“During the festive season, when fuel shortages and price hikes are common, Dangote Refinery absorbed the cost of ensuring uniform petrol pricing across the country, spending over N10 billion to stabilize supply,” Ife said.
He also highlighted how the refinery is shifting Nigeria’s focus beyond Premium Motor Spirit (PMS) towards diversified petroleum exports.
With major international firms like BP and Saudi Aramco now purchasing refined products from Nigeria, the country is rapidly positioning itself as a major player in the global energy market.
Prof. Ife expressed confidence that the refinery’s operations are driving Nigeria toward self-sufficiency in petroleum products while boosting its export revenue potential.
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