Nigeria Relief for Industries: Dangote Refinery Begins Local Diesel Distribution at Affordable N1,225/Litre Rates

Nigeria's Dangote oil refinery commenced supplying petroleum products to the local market, marking a significant stride in the nation's pursuit of energy independence.

The refinery, erected for $20 billion by billionaire Aliko Dangote, Africa's richest man, stands as the continent's largest and is poised to play a transformative role in Nigeria's fuel landscape.

With a refining capacity of up to 650,000 barrels per day (bpd), the facility is set to become the largest in Africa and Europe upon reaching full operational capacity by the end of this or next year. Devakumar Edwin, Dangote's group executive, confirmed the shipping of diesel and jet fuel into the local market, providing a much-needed reprieve to businesses grappling with soaring fuel costs.

Local oil marketers have agreed upon a price of 1,225 naira ($0.96) per liter of diesel, facilitating bulk purchases and subsequent retail distribution across Nigeria. This landmark development underscores the refinery's potential to curtail Nigeria's reliance on imported petroleum products, a pivotal stride for Africa's most populous nation and leading oil producer.