Dangote Petroleum Refinery & Petrochemicals has announced a reduction in the gantry price of its diesel product by N55, from N1,075 per litre to N1,020 per litre.
According to a statement signed by the Dangote Industries Head of Media Relations, Esan Sunday, the price reduction is aimed at providing relief for manufacturers and other customers.
The company noted that it had reduced the price of diesel three times since it started diesel production in January 2024.
It also reaffirmed an assertion by Economist, Prof. Ken Ife, who said that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country.
The statement read: ”Since it began diesel production in January 2024, the refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.
“The latest reduction of N55 per litre for diesel follows the revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period. He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.”
Dangote refinery introduces price competition
The Dangote refinery has introduced price competition in the retail petrol market through consistent reviews of prices and partnerships with retail outlets.
- The refinery has frequently reviewed the price of petrol, reducing it twice and raising it once.
- The latest review was a reduction of the gantry price of petrol from N950 to N890.
- In addition to meeting local demands, the refinery is also exporting petroleum products to several countries in Africa, Europe and the Middle East.
Nairametrics reported that the Dangote refinery recently exported two jet fuel cargoes to Saudi Aramco, the national oil company of Saudi Arabia and the world’s largest oil producer.
What you should know
- The 650,000 barrels per day capacity refinery has improved Nigeria’s fuel independence and exports.
- It has also introduced fierce competition in the pricing of petroleum products as it assures that it would not expose Nigerians to the volatility of the global oil market.
- The Dangote Group has said that the Refinery which is currently at 550,000-bpd capacity will reach its full capacity in 30 days.
