Dangote Petroleum Refinery & Petrochemicals has further reduced the price of diesel to ₦1,020 per litre, down from ₦1,075 per litre, in an ongoing effort to ease economic pressure on consumers and businesses.
Since January 2024, when it commenced diesel production, the refinery has repeatedly lowered prices—starting from ₦1,700 per litre—in a move that has been widely welcomed by manufacturers and consumers.
In a statement, the company emphasized that the price reduction aligns with its commitment to supporting Nigerians by ensuring affordable and stable fuel costs.
The latest ₦55 per litre reduction comes after Development Economist and Public Policy Analyst Prof. Ken Ife revealed that the Dangote Refinery absorbed over ₦10 billion in costs to maintain uniform petrol prices nationwide during the Christmas season.
Speaking on Arise TV, Prof. Ife praised the refinery for reshaping Nigeria’s energy landscape and creating new opportunities for export revenue.
He explained that for years, the Petroleum Equalisation Fund (PEF) had been responsible for managing price variations and transportation costs across the country.
However, reports indicate that the fund currently owes petroleum marketers over ₦80 billion.
“What has happened is that the government has shifted the subsidy burden from public funds to the private sector,” Ife said.
“For petroleum to be sold at a uniform price nationwide, transportation costs must be balanced.
That’s the role of equalisation. However, with the fund reportedly owing ₦80 billion, the Dangote Group stepped in during the yuletide season, covering over ₦10 billion in costs to stabilize fuel prices and prevent shortages.”
Prof. Ife further noted that the refinery is driving Nigeria toward energy self-sufficiency by expanding beyond the traditional focus on Premium Motor Spirit (PMS).
With global energy giants like BP and Saudi Aramco purchasing refined products from Nigeria, he highlighted that the country is emerging as a key player in the international petroleum market.
“Nigeria is no longer just an importer of refined petroleum; we are now on the path to becoming a major exporter.
“This refinery is a game-changer for our energy sector,” he added.