Dangote Refinery Slashes Diesel Price N1,020 Per Liter
In a move aimed at providing relief to consumers and manufacturers, Dangote Petroleum Refinery & Petrochemicals has reduced the price of diesel to N1,020 per liter, down from N1,075 per liter.
Since commencing diesel production in January 2024, the refinery has implemented multiple price reductions, bringing the cost down from an initial N1,700 per liter to its current rate. This latest N55 per liter reduction underscores the refinery’s commitment to stabilizing fuel prices and supporting economic growth.
The price adjustment follows a revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, who disclosed that Dangote Refinery sacrificed over N10 billion to maintain uniform petrol pricing across the country during the yuletide season. He commended the refinery for reshaping Nigeria’s energy sector and creating new opportunities for export revenue.
Speaking on Arise TV, Prof. Ife explained that the Petroleum Equalisation Fund (PEF), traditionally responsible for balancing transportation costs and price differentials in fuel distribution, is currently indebted to marketers by over N80 billion.
“The President has effectively shifted the subsidy burden from public funds to the private sector. The equalisation fund, which ensures uniform pricing across the country by covering transport costs, now faces significant debts. Dangote Refinery stepped in during the last Christmas season to stabilize fuel prices, absorbing costs exceeding N10 billion and preventing price hikes and shortages,” he said.
Beyond addressing local fuel pricing challenges, Prof. Ife noted that the Dangote Refinery is transforming Nigeria into a major player in the global petroleum market. He highlighted that BP, Saudi Aramco, and other international energy giants are now purchasing refined products from Nigeria, reinforcing the country’s strategic position as an emerging energy export powerhouse.
With the refinery’s ongoing impact on fuel affordability and export growth, industry experts anticipate further price stability and economic benefits for Nigeria’s energy sector.
