Business & Strategy

Once more, Dangote slashes diesel and aviation fuel prices to N940 and N980, respectively

Written by Jerry Alomatu on April 23, 2024

News Views: 109

Once again, Dangote Petroleum Refinery has announced a further reduction in the prices of diesel and aviation fuel, slashing them to N940 and N980 per litre, respectively. This move follows the recent price drop to N1,000 just two weeks ago, which was widely acclaimed.

The revised price of N940 is applicable for customers purchasing five million litres and above, while the rate of N970 applies to those buying one million litres and above. Anthony Chiejina, the Head of Communication, affirmed that this adjustment aligns with the company’s commitment to alleviating the economic challenges faced by Nigerians.

Chiejina disclosed, “Dangote Petroleum Refinery has forged a strategic partnership with MRS Oil and Gas stations to ensure that consumers can access fuel at affordable rates across all their stations nationwide, from Lagos to Maiduguri.” He highlighted that customers could now purchase diesel for as low as N1,050 per litre and aviation fuel at N980 per litre at all major airports where MRS operates.

Furthermore, he indicated plans to extend this partnership to other major oil marketers, emphasizing the Dangote Group’s dedication to enhancing the welfare of Nigerians. The aim is to prevent retail buyers from facing exorbitant prices and to mitigate the impact of economic challenges in the country.

Recall that Dangote Petroleum Refinery had previously slashed diesel prices from N1,200 to N1,000 per litre, marking the third significant reduction within three weeks. Initially, the product sold for N1,700 to N1,200 per litre, showcasing a remarkable downward trend.

Nigerian President Bola Tinubu lauded Mr Dangote for the initial price reduction, hailing it as an “enterprising feat.” Reacting to the latest announcement, Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria (MAN), praised Dangote Refinery’s decision, stating that it demonstrates the potential of local industries to positively impact the national economy.

Kadiri emphasized the trickle-down effect of this intervention, highlighting its potential to alleviate inflation and revitalize critical sectors such as industry, transportation, logistics, and agriculture. This reduction is expected to facilitate the return of many companies to operation amidst rising energy costs and contribute to easing the country’s high inflation rate.