Dangote Petroleum Refinery Slashes Diesel Price to N1,000/Litre, Marketers React with Excitement
Written by Deborah Oyinloye on April 17, 2024
Responding to calls from oil marketers, Dangote Petroleum Refinery has announced a reduction in the price of Automotive Gas Oil (diesel) from N1,200/litre to N1,000/litre. This move has sparked excitement among operators in the downstream oil sector.
Tony Chiejina, the spokesperson for Dangote refinery, disclosed this development in a statement issued on Tuesday. He emphasized that the reduction from N1,200/litre to N1,000/litre represents a substantial drop, aiming to positively impact the economy and alleviate high inflation rates.
The announcement follows calls from oil marketers for a downward review in the pump price of diesel produced by the refinery, as reported by The PUNCH on April 10, 2024. The marketers had urged for a price range between N700 and N850/litre.
In response to the price reduction, Mohammed Shuaibu, Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja Branch, expressed satisfaction, foreseeing increased competition in the downstream sector benefiting many Nigerians.
Similarly, Clement Isong, Executive Secretary of the Major Energies Marketers Association of Nigeria, welcomed the news, highlighting its positive impact.
Oil marketers had previously explained that the high price of diesel from the indigenous refinery was due to production within Nigeria, eliminating import costs. They urged the Federal Government’s intervention and urged the Dangote refinery to consider the high logistics costs of transporting the product from Lagos, where the refinery is situated.
With the reduction in diesel price by Dangote Petroleum Refinery, stakeholders anticipate a ripple effect on the cost of goods and services, ultimately benefiting consumers and contributing to economic stability.
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Author: Deborah Oyinloye
With an interest in media, Deborah aims to impart the lives of people positively.
