Dangote Petroleum Refinery makes a notable announcement on Tuesday, 16th April 2024, revealing a further reduction in diesel prices from N1,200 to N1,000 per litre to reduce inflation in the county.
This move, described as unprecedented, follows earlier adjustments in response to market dynamics.
The Independent Petroleum Marketers Association of Nigeria previously set the diesel price at N1,225 per litre after securing bulk purchase agreements.
Devakumar Edwin, a senior executive at Dangote, confirmed the commencement of diesel and jet fuel distribution in the local market, highlighting the refinery’s substantial product quantities and logistics operations.
The statement reads;
While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.
This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country,
Devakumar Edwin – Board member, Dangote Group Ltd
The refinery noted its prior reduction in diesel prices from the market rate of N1,600 to N1,200 per litre, representing a 30% decrease, with the latest adjustment aimed at further impacting the economy positively.
The introduction of Dangote’s petroleum products to the domestic market is expected to alleviate Nigeria’s reliance on imported fuels, signaling a significant shift in the nation’s energy landscape.
Story: Christy Dung