Dangote Refinery: Diesel Price Dives from N1,200 to N1,000

The Dangote Petroleum Refinery has announced a significant reduction in the price of diesel from N1,200 to N1,000 per litre. This move, described as “unprecedented,” aims to positively impact Nigeria’s domestic economy and reduce the high inflation rate in the country. Previously, the refinery had already reduced the price from N1,600 to N1,200 per litre, marking a 30% decrease. The further reduction to N1,000 per litre is expected to affect all spheres of the economy, providing relief in a market that has seen diesel prices as high as N1,700 per litre recently. This development comes as the Dangote refinery, with a capacity to process up to 650,000 barrels per day, is set to significantly reduce Nigeria’s dependence on imported petroleum products, being the largest refinery in both Africa and Europe.