Dangote Reaches Another Milestone After Refinery Declares New Diesel Price

Dangote Reaches Another Milestone After Refinery Declares New Diesel Price

  • Dangote Refinery has lifted over 25 million litres of diesel in almost three months since it began producing
  • The refinery located in Lagos has opened application to marketers to begin distributing the commodity
  • Since the Dangote Refinery opened, the price of diesel has dropped from about N1,800 per litre to N1,200 per litre

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

In less than three months since the Dangote Petroleum Refinery started distributing its product, independent marketers have lifted and dispersed over 25 million litres of automotive gas, oil, or diesel.

refinery declares new diesel price
Marketers said that their members are registering with Dangote Refinery in Lagos. Photo Credit: Dangote Refinery
Source: UGC

In preparation for the plant's July delivery of Premium Motor Spirit (PMS) onto the neighbourhood market, the refinery recently resumed registration of marketers.

Marketers registering with Dangote

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The Petroleum Products Retail Outlet Owners Association of Nigeria, the Major Oil Marketers Association of Nigeria, and the Independent Petroleum Marketers Association of Nigeria have all attested that their members are registering with the refinery located in Lagos.

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Additionally, they verified that since the plant started operating in March of this year, the constant removal of diesel from the Dangote Refinery has contributed to stabilising diesel prices and guaranteeing a consistent supply.

The diesel price has decreased from roughly N1,800 per litre to N1,200 per litre since the Dangote Refinery started servicing the Nigerian market in late March 2024, and the product's availability has been continuously maintained throughout the country.

BuisnessDay reported that over 25 million litres of Automotive Gas Oil (AGO) from the Dangote refinery have been dispersed throughout the nation by IPMAN members, according to Ukadike Chinedu, the organisation's national public relations officer.

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“Independent marketers are registering with Dangote, and many of us have lifted a lot of products from Dangote’s depot. I’m aware of so many marketers who have registered with the Dangote Refinery."

In addition, Maigandi stated that introducing Dangote into the diesel market would result in lower prices. At that time, the cost of a litre of fuel had increased to almost N1,700.

“The price of diesel is going to fall because of the release of products from Dangote Refinery. It is already coming down in Lagos."

Samuel Oyakanmi, a research and insight associate with Norrenberger Financial Group tld Legit.ng,

"The full implementation of Dangote Refinery is a potential growth propeller, however it will take time before we start seeing the full impact on the economy."

Dangote Refinery begins petrol production

Legit.ng reported that Petroleum marketers have begun registering with the company to begin product loading ahead of the planned petrol production from the Dangote refinery.

Read also

“We brought down the price”: Like Diesel, Dangote speaks on crashing fuel price

The marketers are reportedly registering as individual business owners and applying to get a direct fuel supply from the 650,000 bpd-capacity refinery.

This comes as the Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed that it would continue negotiations with the facility to get bulk supply for its members who may not afford large volumes of petrol.

Source: Legit.ng

Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng