Nigeria Dangote Refinery Slashes Diesel Price to N1,000/Litre, Boosting Economic Prospects

The Dangote refinery has announced a significant reduction in the price of automotive gas oil (diesel), dropping it from N1,200 to N1,000 per litre. This move, described as unprecedented by the refinery, follows its recent supply of diesel at a reduced price of N1,200 per litre three weeks ago, marking a notable decrease from the previous market price of about N1,600 per litre.

The refinery believes that this substantial reduction in diesel prices will have a positive ripple effect across various sectors of the economy and contribute to the ongoing efforts to curb high inflation rates in the country.

This development comes shortly after the refinery set a minimum purchase volume of one million litres for oil marketers. The Dangote refinery, inaugurated by former President Muhammadu Buhari in May 2023, commenced operations with diesel and aviation fuel production on January 12, following the receipt of six crude oil shipments from oil marketers.