Dangote Petroleum Refinery & Petrochemicals has reduced the gantry price of its diesel product by ₦55, bringing it down from ₦1,075 to ₦1,020 per litre.
In a statement signed by the Head of Media Relations at Dangote Industries, Esan Sunday, the company said the price cut aims to ease costs for manufacturers and other consumers.
The company stated that this marks its third diesel price reduction since it began production in January 2024.
The company also reaffirmed economist Prof. Ken Ife’s statement that Dangote Petroleum Refinery sacrificed over ₦10 billion to maintain a uniform petrol price nationwide.
“Since it began diesel production in January 2024, the refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.
“The latest reduction of N55 per litre for diesel follows the revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period. He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue,” the statement read.
Dangote Refinery has introduced price competition in the retail petrol market through regular price reviews and partnerships with retail outlets.
So far, it has reduced petrol prices twice and increased them once.
The latest review saw a reduction in the gantry price of petrol from ₦950 to ₦890.
In addition to meeting local demand, the refinery exports petroleum products to several countries across Africa, Europe, and the Middle East.
