Dangote petroleum refinery reduces diesel price nationwide

The pump price of Automotive Gas Oil, commonly known as diesel, has experienced a significant drop from approximately N1,700 per litre to about N1,350 per litre in certain areas across Nigeria.

This reduction comes as a result of the sale of diesel by the Dangote Petroleum Refinery, which commenced last Wednesday.

The refinery, valued at $20bn, initiated the distribution of diesel to the domestic market, selling a minimum of one million litres to each registered oil marketer.

The sale of diesel by the refinery is reported to be between N1,225 and N1,300 per litre, depending on the volume of purchase.

This move has been welcomed by industry stakeholders, as it is expected to lead to a further decrease in diesel prices nationwide.

Additionally, the refinery is set to begin the distribution of Premium Motor Spirit (PMS) to the domestic market in May this year.

Commenting on the development, industry experts anticipate a positive impact on diesel prices due to the emergence of products from the Dangote refinery.

They highlight the refinery’s role in addressing the recent surge in diesel prices, which had reached as high as N1,700 per litre in some locations.

Furthermore, the refinery’s initiative aligns with its objective to revolutionize Nigeria’s fuel industry, as it aims to transition the country from a net importer to a net exporter of fuel.

Despite facing regulatory hurdles in the past, the refinery has successfully commenced the production and sale of refined petroleum products, contributing to the nation’s energy security and economic growth.

With the introduction of diesel sales by the Dangote refinery, stakeholders anticipate further stability in fuel prices and improved access to petroleum products across the country.

As the refinery continues its operations, it is poised to play a pivotal role in shaping Nigeria’s energy landscape for years to come.