Dangote Petroleum Refinery has made another significant move in reducing fuel prices, dropping the cost of diesel to ₦940 and aviation fuel to ₦980 per litre. This follows a recent decrease to ₦1,000 for diesel barely two weeks prior, continuing a trend of price reductions aimed at alleviating economic pressures in Nigeria.
Mr. Anthony Chiejina, Head of Communication at Dangote Petroleum Refinery, elaborated that the latest pricing structure is tiered based on purchase volume. Customers buying five million litres or more can purchase diesel at the lowest price of ₦940, while those purchasing a minimum of one million litres can acquire it for ₦970 per litre.
In addition, Mr. Chiejina announced a strategic partnership with MRS Oil and Gas stations to extend these benefits directly to consumers. “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 stated, highlighting the commitment to make fuel affordable nationwide, from Lagos to Maiduguri.
The initiative is part of a broader strategy to prevent exorbitant retail prices and ensure that the reductions reach all end-users. “The Dangote Group is committed to ensuring that Nigerians have better welfare, and 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,” added Chiejina.
This announcement marks the third major reduction in diesel prices in less than three weeks, showcasing a rapid decrease from ₦1,700 to ₦1,200, then to ₦1,000, and now ₦940 per litre. Similarly, aviation fuel has seen substantial price adjustments, now priced at ₦980 per litre.
The price reductions have been welcomed by various sectors across the country. Nigerian President Bola Tinubu praised the initial cuts as an enterprising achievement. Additionally, the Director General of the Manufacturers Association of Nigeria (MAN), Mr. Ajayi Kadiri, commented on the impact of these changes: “The decision of Dangote Refinery to first crash the price from about ₦1,750/litre to ₦1,200/litre, ₦1,000/litre and now ₦940, is an eloquent demonstration of the capacity of local industries to impact the Nigerian economy positively.”
The continued decrease in fuel prices is expected to have broad implications, particularly in sectors like industrial operations, transportation, logistics, and agriculture. This intervention is particularly critical as it contributes to managing the country’s high inflation rate and revitalizing many businesses affected by high operational costs.