Dangote Refinery Slashes Diesel Prices

Dangote refinery on Tuesday announced a reduction in the price of diesel from N1,200 to N1,000 per litre.

The company in a statement on Tuesday said the significant reduction in the price of diesel is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

“In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

“While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

“This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country,” the company said.

Dangote Petroleum Refinery had earlier in January commenced production of diesel and aviation fuel.

Announcing the commencement in a statement, the company said the refinery had received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore.

The first crude delivery was done on 12 December 2023, and the 6th cargo was delivered on 8 January.

The first cargo that arrived at the plant was from Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria and globally, trading over 8 million barrels of crude oil daily.

The company made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company (NNPC Ltd).

The fresh one million barrels of crude from the Shell terminal via the MT Otis owned by Trafigural is the second consignment to be delivered to the Dangote facility out of the six million barrels of crude being expected by the world’s largest single-train refinery.

Earlier in the month, the company commenced the supply of petroleum products to the local market.

(PREMIUM TIMES)