Dangote Reduces Diesel Price Again, Sets Condition To Buy at New Rate

• The price of diesel from the Dangote Refinery has been reviewed once again, and it is now below N1,000 per litre
• This new price is applicable for customers purchasing 5 million litres and above from the refinery
• The President of the Manufacturers Association of Nigeria believes that the price reduction will have an effect on goods in the market

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Dangote Petroleum Refinery has again announced a further reduction in the price of diesel to N940 and N980 per litre.

However, Dangote stated that the price change applies only to customers purchasing 5 million litres or more from the refinery, while N970 applies to customers buying 1 million litres or more.

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This adjustment comes just two weeks after Nigerians celebrated the reduction in price to N1,000 per litre.

Dangote refinery speaks on new price

Speaking on the new development, Anthony Chiejina, the Head of Communication, said that the price adjustment reflects the company's commitment to help cushion the effect of economic hardship in Nigeria.

He said:

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations to ensure that consumers get to buy fuel at affordable prices in all their stations, be it Lagos or Maiduguri.

“You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates."

He added that there is ongoing talk to extend the partnership to other major oil marketers, Punch reports.

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He stated:

“The essence of this is to ensure that retail buyers do not buy at exorbitant prices.

“The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce this new prices and hope that it would go a long way to cushion the effect of economic challenges in the country."

MAN reacts to the new price

Reacting to the latest development, Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria (MAN), said the decision would have far-reaching effects, according to the nation's reports.

His words

The decision by Dangote Refinery to reduce prices from approximately N1,750/litre to N1,200/litre, then to N1,000/litre, and now to N940/litre exemplifies the significant impact local industries can have on the national economy.

"This single intervention is poised to trigger a cascade effect, altering the energy cost landscape of the country amidst rising electricity expenses.

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"The reduction will help across key sectors such as industry, transportation, logistics, and agriculture, ultimately it will help tackle Nigeria's high inflation rates and the return of businesses that close operations due to high cost of production."

Tinubu reacts to reduced diesel prices.

Earlier, Legit.ng reported that President Bola Ahmed Tinubu has commended Dangote Oil and Gas Limited for splashing the price of Automotive Gas Oil (AGO), also known as diesel, from N1200 to N1000.

The reduction was effected after the initial decrease from N1,650 to N1200 about three months ago.

Tinubu said the price review, which represents a 60% drop, would impact the prices of various goods and services.

Source: Legit.ng