Dangote Petroleum Refinery & Petrochemicals has further reduced the price of its diesel, lowering it from N1,075 to N1,020 per litre to better serve its customers and Nigerians at large.
Since commencing diesel production in January 2024, the refinery has cut prices multiple times, dropping from an initial N1,700 per litre to the current rate. This move has provided significant relief for manufacturers and consumers.
The latest N55 per litre reduction follows remarks from Development Economist and Public Policy Analyst, Prof. Ken Ife, who highlighted that the refinery had sacrificed over N10 billion to ensure petrol was available at a uniform price nationwide during the festive season. He also commended the refinery for setting a new standard in Nigeria’s energy sector by unlocking vast export opportunities.
Speaking on Arise TV, Prof. Ife explained that, for years, the equalisation fund managed price differentials and transportation costs in petroleum distribution. However, he noted that the fund reportedly owes marketers over N80 billion.
“The president has effectively shifted the subsidy burden from public funds to the private sector. The equalisation fund, which covers price differences and transport costs, plays a key role in maintaining uniform fuel prices. However, with marketers owed around N80 billion, this issue remains unresolved,” he said.
He added that the Christmas season is typically marked by fuel shortages, hoarding, and price hikes that drive up food costs. To prevent this, the Dangote Group absorbed these costs, equalising prices at its own expense—amounting to over N10 billion—effectively covering the subsidy itself.
Prof. Ife further stated that the refinery is helping Nigeria transition from a reliance on Premium Motor Spirit (PMS) to a broader range of petroleum-based exports.
With global giants like BP and Saudi Aramco purchasing refined products from Nigeria, he noted that the country is quickly becoming a key player in the international petroleum market.
The analyst expressed confidence that Nigeria is on track to achieving self-sufficiency in petroleum products while simultaneously establishing itself as a major energy exporter.