Dangote Refinery Cuts Diesel Price to N1,020 Per Litre, Eases Burden on Nigerians

Dangote Petroleum Refinery & Petrochemicals has further reduced the price of diesel to N1,020 per litre, down from N1,075 per litre, in a move aimed at providing relief to businesses and consumers.

The refinery confirmed the latest price adjustment in a statement obtained on Tuesday, stating that the reduction aligns with its commitment to serving Nigerians better.

Since it commenced diesel production in January 2024, Dangote Refinery has slashed the price multiple times, bringing it down from an initial N1,700 per litre to the current rate. This move has been widely welcomed by manufacturers and transporters grappling with high energy costs.

The latest N55 per litre reduction follows recent revelations by Development Economist and Public Policy Analyst, Prof. Ken Ife, who noted that Dangote Refinery sacrificed over N10 billion to ensure petrol availability at a uniform price across Nigeria during the festive season.

Speaking on Arise TV, Prof. Ife commended the refinery for its transformative impact on the country’s energy sector.

He highlighted how the refinery has taken on a role traditionally played by the Petroleum Equalisation Fund (PEF), which is reportedly struggling with over N80 billion in debt owed to marketers.

“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector,” he explained.

“During the Christmas season, which is traditionally the most challenging period, we often face fuel shortages, hoarding, and arbitrary price hikes that affect food prices.

In response, the Dangote Group equalised the price themselves at a cost of over N10 billion, effectively absorbing the subsidy.”

Prof. Ife further noted that the Dangote Refinery is shifting Nigeria’s focus beyond Premium Motor Spirit (PMS) to diversified petroleum exports. With global energy giants like BP and Saudi Aramco purchasing refined products from the refinery, Nigeria is fast becoming a key player in the international petroleum market.

He expressed confidence that the refinery is positioning the country for self-sufficiency in petroleum products while simultaneously strengthening its role as an energy export powerhouse.

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