Dangote Crashes Diesel Price, Set To Begin Sale Of Fuel

Dangote Petroleum Refinery made an announcement yesterday regarding another cut in the pump price of Automotive Gas Oil (AGO), commonly known as diesel, from N1200 to N1,000 per litre.

According to the company’s statement, this latest reduction is expected to “positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”

Just three weeks prior, the firm had already decreased the price of diesel from around N1,600 per litre to N1,200. This recent reduction may be linked to the Federal Government’s decision to sell crude to domestic refiners like Dangote Refinery in Naira.

The statement from Dangote Petroleum Refinery reads: “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 spheres of the economy and ultimately reduce the high inflation rate in the country.”

Earlier, Dangote refinery disclosed its intention to start selling fuel. Currently, fuel sells at N600 and above after the removal of subsidies. But, Dangote refinery promised to begin the sale of fuel between April and May 2024 at a reduced price.