The Dangote Refinery announced on Tuesday that it has further reduced the prices of diesel and aviation fuel to N940 ($0.69)and N980 ($0.72)per litre, respectively. This decision follows a previous price cut last week, which saw diesel prices drop from N1,200 ($0.88) to N1,000 ($0.73) per litre.
President Bola Tinubu, through his Special Adviser on Media and Publicity, Ajuri Ngelale, commended the refinery’s efforts. He noted that such initiatives support the economic prosperity of Nigerians and local businesses.
The new price of N940 ($0.69) is applicable to customers purchasing over five million litres directly from the refinery. The rate of N970 ($0.71) applies to those buying one million litres or more.
Anthony Chiejina, a spokesperson for the refinery, revealed a strategic partnership with MRS Oil and Gas. This collaboration aims to offer fuel at competitive prices nationwide. Diesel is available for as little as N1,050 ($0.77) per litre and aviation fuel at N980 ($0.72) per litre at all major airports. The partnership is expected to expand to include other major oil marketers, helping to prevent inflated retail prices.
Chiejina emphasised the group’s commitment to enhancing the welfare of Nigerians by introducing these price reductions. He said this move is intended to alleviate the economic challenges faced by the country.
Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria (MAN), responded positively to the price adjustments. Kadiri highlighted their potential to significantly influence the national economy. He noted that the reductions could lower energy costs, benefiting sectors such as industry, transportation, logistics, and agriculture. The fuel prices will potentially ease the country’s high inflation rate.
The refinery, which started producing diesel and aviation fuel in January, has been actively receiving crude oil shipments. It reported receiving six million barrels at its two Single Point Moorings (SPMs) 25 kilometres offshore. The refinery began its operations with a shipment of Agbami crude from Shell International Trading and Shipping Company Limited (STASCO). They recently received an additional one million barrels of bonny light crude from the Nigeria National Petroleum Company (NNPC Ltd). This aligns with the refinery’s goal to process six million barrels of crude as it ramps up production.
This strategic approach not only shows Dangote’s capacity to influence local market prices but also the role local industries play in stabilising the economy.
