DANGOTE Petroleum Refinery and Petrochemicals says it has reduced the cost of its diesel to N1,020 per litre, down from N1,075 per litre at the gantry price.
In a statement late on Tuesday, the company said the reduction was to better serve its customers and Nigerians in general.
The PUNCH recalls that when it began diesel production in January 2024, the refinery reduced the price of diesel more than three times, from an initial N1,700 per litre to N1,000.
Recently, the refinery also reduced the ex-depot price of petrol from N950 to N890 per litre.
This resulted in marketers dropping their prices with MRS selling a litre of petrol at N925.
Commenting on the latest reduction of N55 per litre for diesel, a Development Economist and Public Policy Analyst, Prof Ken Ife, said the Dangote refinery sacrificed over N10bn billion to ensure the availability of petrol at a uniform price across the country during the yuletide period.
Speaking on national television yesterday, Ife explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country, saying the government owes marketers over N80bn of the fund.
Ife also said the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit towards a diversified range of petroleum-based exports.
He added that with major international players such as Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market.
