Dangote Petroleum Refinery has dropped diesel and aviation fuel rates to ₦940 and ₦980 per litre, respectively.
This comes after its highly heralded price cut to ₦1,000 just two weeks ago.
Customers purchasing five million liters or more from the refinery will pay ₦940, while those purchasing one million liters or more would pay ₦970.
Mr Anthony Chiejina, Head of Communication, announced the development in a statement, explaining that the new price is consistent with the company’s commitment to mitigating the effects of Nigeria’s economic downturn.
“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations to ensure that consumers get to buy fuel at an affordable price in all their stations, be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at ₦1,050 and aviation fuel at ₦980 at all major airports where MRS operates,” he said.
He further stated that the partnership would be extended to other major oil marketers. The essence of this is to ensure that retail buyers do not buy at exorbitant prices.
“The Dangote Group is committed to ensuring that Nigerians have better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” the statement read in part.
Dangote Petroleum Refinery’s management announced a further reduction in diesel prices from 1200 to 1,000 Naira per liter only two weeks ago.
In less than three weeks, diesel prices have dropped from ₦1,700 to ₦1,200, then again to ₦1,000, and now to ₦940 for diesel and ₦980 for aviation fuel per litre.
Nigerian President Bola Tinubu also praised Mr Dangote for the initial price decrease, calling it an inventive effort.
The Director General of the Manufacturers Association of Nigeria (MAN), Mr. Ajayi Kadiri, praised Dangote Refinery’s decision to lower prices from ₦1,750/litre to ₦1,200/litre, ₦1,000/litre, and now ₦940/litre. This demonstrates the positive impact of local industries on the Nigerian economy.
He went on to say that the intervention’s trickledown impact has the potential to change the dynamics of the country’s energy bills, which are now inadequate and rising.
The reduction will have a wide-ranging impact in important areas such as industrial operations, transportation, logistics, and agriculture, helping to alleviate the country’s high inflation rate. Many businesses will be back in operation.
