Dangote Refinery has reduced diesel prices from N1,075 to N1,020 per litre, marking another price cut since January. Experts commend its impact on fuel price stabilization and economic relief. With global firms like BP and Saudi Aramco buying Nigerian fuel, the country is emerging as a key player in the global petroleum market.
Dangote Petroleum Refinery has once again reduced the price of diesel, bringing it down from N1,075 to N1,020 per litre. This latest price cut is part of the company’s ongoing efforts to make fuel more affordable for businesses and consumers across Nigeria.
Since January 2024, when the refinery began producing diesel, prices have dropped multiple times—from an initial N1,700 per litre to the current rate. Industry experts believe this move will provide much-needed economic relief, particularly for manufacturers who rely heavily on diesel.
Speaking on the development, economist Ken Ife revealed that Dangote Refinery absorbed over N10 billion in costs to ensure stable fuel prices, especially during the Christmas season, a period known for fuel scarcity and price hikes. According to him, the refinery has taken on a responsibility that was previously handled by the government's Petroleum Equalization Fund, which helps balance fuel prices nationwide.
Beyond local benefits, Nigeria’s fuel sector is attracting global attention, with major international players such as BP and Saudi Aramco purchasing refined products from the country. Analysts believe this positions Nigeria as a rising force in the global petroleum market, potentially boosting export revenues.
Experts say that if this trend continues, Nigeria could soon achieve self-sufficiency in petroleum products while strengthening its influence in the international energy sector. The latest diesel price cut further cements Dangote’s role in shaping the future of Nigeria’s oil and gas industry.
