The Dangote Refinery has further reduced the price of automotive gas oil (diesel) from ₦1,075 per litre to ₦1,020, marking a ₦55 decrease.
Confirming the development on Tuesday, the spokesperson for Dangote Group, Anthony Chiejina, stated, “Yes, we have reduced the price of our diesel.”
Since the refinery began diesel production in January 2024, it has steadily lowered prices multiple times, from an initial ₦1,700 per litre to the current rate. This move is expected to ease the financial burden on businesses and transporters who heavily rely on diesel for operations.
Diesel is a crucial fuel in Nigeria, widely used in industries, power generation, and transportation. Many businesses depend on diesel-powered generators due to the country’s unstable electricity supply. A reduction in diesel prices is expected to have a ripple effect on production costs, logistics, and overall inflation.
The price slash comes amid increasing competition in Nigeria’s petroleum sector, with pressure mounting on the Nigerian National Petroleum Company Limited (NNPCL) to adjust its pricing strategy. Market analysts believe this move by Dangote Refinery could lead to further reductions in fuel prices as private refineries gain more influence in the market.
Stakeholders in the transport and manufacturing sectors have welcomed the price cut, noting that it could help reduce operational expenses and improve economic stability. However, consumers and industry experts will be watching closely to see if this trend continues and if other fuel products will experience similar reductions in the near future.
