DANGOTE REFINERY DROPS DIESEL PRICE FROM ₦1,075 TO ₦1,020 PER LITRE

In a move that is expected to have a positive impact on the economy, Dangote Refinery has announced a reduction in the price of diesel from ₦1,075 to ₦1,020 per litre. This reduction of ₦55 per litre is aimed at better serving customers and Nigerians in general.

Third Price Reduction Since January 2024

This isn’t the first time Dangote Refinery has reduced diesel prices. Since beginning production in January 2024, the refinery has reduced diesel prices more than three times, from an initial ₦1,700 per litre to the current ₦1,020.

Petrol Price Reduction Also Announced

Additionally, Dangote Refinery has also reduced the ex-depot price of petrol from ₦950 to ₦890 per litre, resulting in marketers like MRS selling petrol at ₦925 per litre.

This move is expected to have a positive impact on the economy, particularly in sectors such as manufacturing, transportation, and logistics. The reduction in diesel prices will lead to lower production costs, which in turn will lead to lower prices of goods and services.

The price reduction is also seen as a step towards reducing the country’s reliance on imported petroleum products. With Dangote Refinery producing petroleum products locally, the country will reduce its dependence on imported products, which will in turn conserve foreign exchange.

The reduction in diesel and petrol prices by Dangote Refinery is a welcome development that will have a positive impact on the economy. As the refinery continues to produce petroleum products locally, Nigerians can expect to see a reduction in prices and an improvement in the overall economy.