Dangote Refinery Slashes Diesel Price to N1,000 per Litre to Boost Economy

The $20 billion Dangote Petroleum Refinery has reduced the price of diesel by 16.6 per cent to N1,000 per litre, down from N1,200 per litre, in a move aimed at positively impacting Nigeria’s domestic economy. The high price of diesel in recent months was largely due to its importation and the associated foreign exchange crisis.

In a statement, the company noted that this reduction follows a previous price cut from N1,600 to N1,200 per litre three weeks ago. The refinery believes that this significant reduction will have a positive effect on the economy and help to reduce the high inflation rate in the country.

Chairman of Dangote Group, Alhaji Aliko Dangote, mentioned that the refinery’s ability to sell diesel at reduced prices would offer immediate relief to Nigeria’s inflation challenges. He highlighted that the refinery had been selling diesel at N1,200 per litre, compared to the previous market price of N1,650–N1,700.

Dangote expressed optimism about a further reduction in fuel costs, which would help drive down inflation in the coming months. He emphasized the importance of such reductions in diesel prices, particularly for locally-produced goods, as it significantly impacts transportation costs and, consequently, inflation rates. Dangote concluded by thanking Nigerians for their support in making things better for the country.