Dangote Slashes Diesel Prices by N55 after Petrol Adjustment
- Dangote Petroleum Refinery has reduced the diesel price by N55 per litre for marketers buying at its facility
- The price cut will see the price of diesel at filling stations reduced, bringing relief to manufacturers and companies
- One of the major challenges faced by companies is operational costs, and diesel is one of the reasons
Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.
Dangote Petroleum Refinery has once again reminded Nigerians that it has reduced the the ex-depot (gantry) price of diesel to N1,020 per litre.
The new price is a N55 reduction compared to the previous price of N1,070 per lire.
Source: Getty Images
The refinery, Africa’s largest, also announced that its ex-depot price for Premium Motor Spirit (PMS), also known as petrol, remains at N890 per litre, down from N960.
The short message by Dangote reads:
"In case you miss it, petrol is diesel is N1,020 per litre, Petrol is N890"
The ex-depot price refers to the cost at which fuel is sold to marketers before it reaches filling stations.
Why the price reduction?
In an earlier statement posted on X, Dangote Group said that the price adjustment was a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.
Part of the statement said:
Dangote Refinery remains dedicated to transparency and equity.
This adjustment in pricing, announced following global crude oil market shifts and a prior modest increase on January 19th, reflects our commitment.
Reducing the price from N950 to N890 is expected to significantly reduce nationwide petrol costs, subsequently lowering prices across goods and services. This reduction is expected to positively impact the economy across multiple sectors."
In addition, Dangote Petroleum Refinery called on marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
It added:
"This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub."
What is the current petrol price?
Dangote decision to slash prices has also led to a reduction in the retail price of petrol in Nigeria, bringing the average price to between N925 and N950 per litre.
NNPC Limited currently sells petrol at N945, while Ardova sells it at N950.
Mobil now sells a litre of petrol at N945, while Matrix sells it at N950. Total Energies sells at N949, while Petrocam sells at N960.
Kyari reassures Nigerians on fuel quality at NNPC stations
Ealier, Legit.ng reported that the NNPC Limited debunked claims of substandard petrol in Nigeria in response to a viral video comparing NNPC's petrol with Dangote's.
The video alleged that petrol from NNPC retail stations burned faster than Dangote petroleum refinery product sold by MRS
These claims from the video have also been dismissed by the Petroleum Products Retail Outlets Owners Association of Nigeria.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
