In a significant move to support businesses and ease the burden of fuel costs in Nigeria, Dangote Refinery has reduced the price of diesel to ₦1,020 per litre. This reduction, which follows several price cuts since the refinery began operations in January 2024, marks a crucial shift in the Nigerian energy sector. The previous price of diesel stood at ₦1,075 per litre, and the new price is seen as a major relief for both manufacturers and consumers.
This is the fourth consecutive reduction in the price of diesel by Dangote Refinery, which started with a price of ₦1,700 per litre. The continued reduction is expected to provide economic relief to a country grappling with high fuel costs. Businesses, particularly in manufacturing, are expected to benefit significantly from this price drop, as it lowers operational costs and helps stabilize prices in the broader economy.
Industry experts and economists have welcomed the refinery’s efforts, noting that this price reduction comes at a time when many businesses have been struggling to cope with high energy prices. The decision is also seen as part of the refinery’s broader strategy to contribute to the stability of the Nigerian economy and its energy sector, which has long been dependent on imported fuels.
Prof. Ken Ife, a development economist, praised Dangote Refinery for its efforts to stabilize fuel prices, pointing out that it has absorbed over ₦10 billion in costs to maintain consistent pricing. His remarks highlight the importance of such initiatives in providing both short-term relief and long-term economic benefits for the country.
With this new price cut, Dangote Refinery has strengthened its position as a key player in Nigeria’s oil and gas industry. The refinery’s ongoing commitment to reducing fuel prices is expected to encourage further investments and boost confidence in the Nigerian energy sector. This move is also anticipated to alleviate the financial pressures on households and industries, especially with the upcoming festive seasons.
