The Dangote Petroleum Refinery, valued at $20 billion, has reduced the diesel price by 16.6% to N1,000 per litre from the previous N1,200 per litre to positively impact Nigeria’s domestic economy.
The diesel price had been relatively high for months, primarily due to its importation from the global market and the associated foreign exchange crisis.
However, according to a statement released on Wednesday, the company has stated:
“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, Chairman of Dangote Group, Alhaji Aliko Dangote, said that his refinery’s capacity to sell diesel at greatly reduced prices would offer immediate relief to Nigeria’s inflation challenges.
Dangote revealed that his refinery had been selling diesel at N1,200 per litre, compared to the previous market price of N1,650–N1,700.
He added that he was expecting a dramatic reduction in fuel costs to help drive down inflation in the coming months.
