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Sun, May

Dangote Refinery Crashes Prices Of Diesel, Aviation Fuel

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Dangote Refinery has announced a reduction in the price of diesel. The new price for customers buying 5 million litres and above is N940/litre, as opposed to the previous price of ₦1000/litre. For customers buying one million litres and above, the price is ₦970/litre. Additionally, the company has set the price of aviation fuel at N980 per litre. The announcement was made by the Head of Communications, Mr. Anthony Chiejina. According to him, the new prices are aimed at alleviating the economic hardship faced by citizens.

It is the third time that the price of diesel has been reduced significantly in less than three weeks. The price of diesel has gone down from N1,700 to N1,200 before getting further reduced to N1,000 just two weeks ago.

According to Chiejina, "Dangote Petroleum Refinery has formed a strategic partnership with MRS Oil and Gas stations to ensure that consumers can purchase fuel at an affordable price in all of their stations across Nigeria, including Lagos and Maiduguri. Diesel can now be purchased for as low as N1,050 per litre, and aviation fuel is available at N980 in all major airports where MRS operates."

He stated that the partnership will be expanded to include other major oil marketers. The purpose of this is to prevent retail buyers from purchasing at inflated prices. "The Dangote Group is committed to improving the welfare of Nigerians. As a result, we are pleased to announce these new prices and hope that they will help alleviate the economic difficulties facing the country." - Chiejina stated

The Director General of the Manufacturers Association of Nigeria (MAN), Mr Ajayi Kadiri, while reacting to this development, expressed his appreciation for the refinery's action, stating that it is a clear indication of the local industries' capacity to positively impact the national economy.

Mr Kadiri also pointed out that the "reduction in the price of petroleum products will have a trickledown effect that will change the dynamics in the energy cost equation of the country. This will help to counter the inadequate and rising cost of electricity. The far-reaching effects of this intervention include easing the high inflation rate in the country, and many companies will be able to resume operations in critical sectors such as industrial operations, transportation, logistics, and agriculture."