May 21, 2024
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OIL & GAS

Nigeria’s Dangote Refinery Slashes Diesel Price to N1000/Litre

Africa’s largest crude oil refinery, the Dangote Refinery in Nigeria, announced a diesel price reduction lowering the rate from N1,200/litre to N1,000/litre.

Tony Chiejina, the refinery spokesperson made the announcement, sparking enthusiasm among downstream oil sector players.

Initially priced at N1,200/litre upon commencement of operations, the refinery had already offered a discounted rate compared to the market average of N1,600/litre.

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The latest reduction of N200/litre underscores Dangote Refinery’s commitment to the affordability and accessibility of petroleum products in the local market. The move is anticipated to have far-reaching positive effects on the economy, potentially curbing inflation rates.

Oil marketers had advocated for decreased diesel prices, and Dangote’s decision is seen as a response to these appeals. The refinery, now supplying the domestic market with diesel and aviation jet fuel, marks a significant milestone for Nigeria’s energy sector.

Aliko Dangote, Chairman of Dangote Group, expressed gratitude to President Bola Ahmed Tinubu and various regulatory bodies for their assistance in realizing the refinery project.

He hailed the achievement as a testament to Nigeria’s capacity for large-scale infrastructure development, signalling a transformative moment for the nation.

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