Dangote Petroleum Refinery & Petrochemicals has announced a further reduction in the price of its diesel, lowering it from N1,075 per litre to N1,020 per litre.
This latest adjustment reflects the company’s commitment to providing affordable fuel for Nigerians and businesses.
Since commencing diesel production in January 2024, the refinery has cut prices multiple times, from an initial N1,700 per litre to the current rate. This has provided much-needed relief to manufacturers and consumers, helping to stabilize costs in key sectors of the economy.
The latest N55 per litre reduction follows recent comments by Development Economist and Public Policy Analyst, Prof. Ken Ife, who revealed that Dangote Petroleum Refinery sacrificed over N10 billion to maintain stable petrol prices nationwide during the Christmas period. He also commended the refinery for setting a new benchmark in Nigeria’s energy sector, unlocking significant opportunities for export revenue.
Speaking on Arise TV, Prof. Ife explained that, for years, Nigeria’s equalisation fund had been used to manage price differences and transportation costs in fuel distribution. However, the fund is reported to owe over N80 billion to petroleum marketers, raising concerns about its sustainability.
He stated, “The president has effectively shifted the subsidy burden from the public sector to the private sector. The equalisation fund, meant to cover transportation costs and ensure uniform pricing across the country, is now under pressure due to outstanding debts of around N80 billion.
“During the Christmas season, when fuel shortages and price hikes typically occur, the Dangote Group absorbed these costs itself—spending over N10 billion to maintain stable prices. In doing so, they essentially took on the subsidy burden.”
Prof. Ife further highlighted how the Dangote facility is diversifying Nigeria’s petroleum sector beyond its traditional focus on Premium Motor Spirit (PMS). He noted that major international firms, including BP and Saudi Aramco, are now purchasing refined products from Nigeria, positioning the country as a rising player in the global energy market.
With continued investment in local refining, he expressed confidence that Nigeria is moving toward self-sufficiency in petroleum products while strengthening its role as a key exporter in the global energy sector.
