Dangote Petroleum Refinery & Petrochemicals has further reduced the price of its diesel product to N1,020 per litre, down from N1,075 per litre, as part of efforts to make fuel more affordable for Nigerians and businesses.
Since it began diesel production in January 2024, the refinery has consistently lowered the price, dropping from an initial N1,700 per litre to the current rate. This move has provided much-needed relief to manufacturers and consumers, especially amid rising operational costs in the country.
The latest N55 per litre reduction follows revelations by Development Economist and Public Policy Analyst, Prof. Ken Ife, who stated that Dangote Petroleum Refinery sacrificed over N10 billion to ensure petrol was available at a uniform price nationwide during the last festive season. He commended the refinery for setting a new standard in Nigeria’s energy sector and unlocking vast opportunities for export revenue.
Speaking on Arise TV about the refinery’s impact, Prof. Ife noted that, for years, the equalisation fund had been responsible for managing price differentials and transportation costs of petroleum products across the country. However, he pointed out that the fund currently owes marketers over N80 billion.
“What has actually happened is that the president has shifted the subsidy burden from the public sector to the private sector. The equalisation fund was meant to cover the price gap and transportation costs, ensuring that petroleum is sold at a set price nationwide. But now, it is reported that the fund owes about N80 billion to marketers, which remains a major issue under discussion,” he explained.
Highlighting the refinery’s role in stabilising the fuel market, Ife added: “During the Christmas period, which is usually the most challenging time due to fuel shortages, hoarding, and arbitrary price hikes, the Dangote Group decided to absorb the costs themselves. They equalised the price at a personal cost of over N10 billion, effectively covering the subsidy.”
He also emphasized that the facility is shifting Nigeria away from its traditional focus on Premium Motor Spirit (PMS) to a diversified range of petroleum-based exports.
With major global players like BP and Saudi Aramco now purchasing refined products from Nigeria, Ife believes the country is on track to achieving self-sufficiency in petroleum products while strengthening its position as an energy export powerhouse.
