Again, Dangote refinery Announces Further Reduction in Price of Diesel, Aviation Fuel

 

 

 

 

 

 

The Dangote refinery on Tuesday announced a further reduction in the price of diesel and aviation fuel to N940 and N980 per litre respectively.

This ment comes a week after the company announced a reduction in the price of diesel from N1,200 to N1,000 per litre.

Commending the company’s efforts last Wednesday, President Bola Tinubu, in a statement through his Special Adviser on Media and Publicity, Ajuri Ngelale, affirmed that Nigerians and domestic businesses are the nation’s surest transport and security to a glorious destiny of economic prosperity.

On Tuesday, the company, in a statement by its Group Head, Corporate Communications, Anthony Chiejina, explained that the company is committed to ensuring that Nigerians have better welfare.

The statement noted that the price change of N940 applies to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable prices, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,” Mr Chiejina said.

He explained that the partnership would be extended to other major oil marketers.

“The essence of this is to ensure that retail buyers do not buy at exorbitant prices. The Dangote Group is committed to ensuring that Nigerians have better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” he said.

The Director General of the Manufacturers Association of Nigeria (MAN), Ajayi Kadiri, reacting to the latest development, said “The decision of the company to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.

“The trickle-down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.

The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation,” Mr Kadiri said.

Dangote Petroleum Refinery had commenced production of diesel and aviation fuel in January.

Announcing the commencement in a statement, the company said the refinery had received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore.

The first crude delivery was done on 12 December 2023, and the sixth cargo was delivered on 8 January.

The first cargo that arrived at the plant was from Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria and globally, trading over 8 million barrels of crude oil daily.

The company made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company (NNPC Ltd).

The fresh one million barrels of crude from the Shell terminal via the MT Otis owned by Trafigural is the second consignment to be delivered to the Dangote facility out of the six million barrels of crude being expected by the world’s largest single-train refinery.

Earlier in the month, the company began the supply of petroleum products to the local market.

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