DANGOTE REFINERY SLASHES DIESEL PRICE TO N1000 PER LITRE

Dangote Petroleum Refinery cuts diesel price to N1000 per liter

The Dangote Petroleum Refinery is now selling diesel (AGO) for N1000 per liter, a decrease from the N1200 per liter price they set two weeks ago.

Aliko Dangote, chairman of Dangote Group, had previously announced plans to sell diesel at a lower price to help control Nigeria’s high inflation rate.

In our refinery, we started selling diesel at about N1200 instead of N1650,” Dangote said. “I’m sure things will continue to improve a lot. This can help bring inflation down immediately.

Dangote blamed the high cost of diesel on the depreciation of the Nigerian naira (the country’s currency) but expects the price to fall as the naira strengthens.

Background

• Diesel prices have risen over 50% year-over-year according to February 2024 data from Nigeria’s National Bureau of Statistics.
• The average price of diesel nationwide was N1257.06 per liter in February, with some states exceeding N1500 per liter.
• Dangote Refinery only recently began supplying diesel and aviation fuel to marketers, starting at N1225 per liter two weeks ago, after several delays since opening in May 2023.

Source: Nairametrics