Dangote Petroleum Refinery and Petrochemicals has further reduced the price of its diesel, lowering it to ₦1,020 per litre from its previous rate of ₦1,075 per litre.
In a statement, the $20 billion facility emphasized that the price cut aligns with its commitment to easing the burden on Nigerians and supporting businesses across the country.
Since commencing diesel production in January 2024, we have consistently reduced prices from an initial ₦1,700 per litre to the current rate offering much-needed relief to manufacturers and consumers,” the company stated.
This latest price adjustment follows the refinery’s recent move to slash petrol prices, reducing the ex-depot rate from ₦950 per litre to ₦890, reflecting ongoing market dynamics.
Nigeria’s Fuel Crisis and the Role of Dangote Refinery
Nigeria, Africa’s largest economy, has struggled with chronic energy challenges. Until 2024, all state-owned refineries had remained non-operational for decades, forcing the country to rely heavily on imported refined petroleum products, with the NNPC acting as the major importer.
The removal of fuel subsidies in May 2023 by President Bola Tinubu caused petrol prices to skyrocket, jumping from around ₦200 per litre to over ₦1,000 per litre. This sharp increase exacerbated hardship for Nigerians, who depend on petrol for both transportation and power generation due to the country’s unreliable electricity supply.
Dangote Refinery: A Game Changer?
Africa’s richest man, Aliko Dangote, launched the Dangote Refinery in December 2023 in Lagos. The facility, with an initial processing capacity of 350,000 barrels per day , aims to reach its full 650,000 barrels per day capacity before the end of 2024.
Since overcoming regulatory hurdles, the refinery has begun supplying diesel, aviation fuel, and now petrol to the Nigerian market.
Meanwhile, in a significant development, the NNPC Limited announced that the Port Harcourt and Warri refineries have resumed operations in 2024, with petrol loading now underway.
With these new developments, experts believe Nigeria may finally be on the path to energy self-sufficiency, reducing its dependence on imported fuel and stabilizing prices in the long run.
