Dangote cuts diesel, aviation fuel prices further to ₦940, ₦980

Dangote Petroleum Refinery has again reduced the prices of diesel and aviation fuel to ₦940, and ₦980 per litre, respectively.

This comes after its widely celebrated price reduction to ₦1,000 barely two weeks ago.

The price change of ₦940 applies to customers buying five million litres and above from the refinery, while the price of ₦970 is for customers buying one million litres and above.

The Head of Communication, Mr Anthony Chiejina, who announced the development in a statement, explained that the new price aligns with the company’s commitment to cushion the effect of economic hardship in Nigeria.

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations to ensure that consumers get to buy fuel at an affordable price in all their stations, be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at ₦1,050 and aviation fuel at ₦980 at all major airports where MRS operates,” he said.

He further stated that the partnership would be extended to other major oil marketers. The essence of this is to ensure that retail buyers do not buy at exorbitant prices.

“The Dangote Group is committed to ensuring that Nigerians have better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” the statement read in part.

The management of Dangote Petroleum Refinery announced a further reduction of the price of diesel from 1200 to 1,000 Naira per litre barely two weeks ago.

This marks the third major reduction in diesel price in less than three weeks when the product sold at ₦1,700 to ₦1,200 and a further reduction to ₦1,000 and now ₦940 for diesel and ₦980 for aviation fuel per litre.

Nigerian President Bola Tinubu had also commended Mr Dangote for the initial price reduction, describing it as an enterprising feat.

Reacting to the latest development, The Director General of the Manufacturers Association of Nigeria (MAN), Mr Ajayi Kadiri, said that the decision of Dangote Refinery to first crash the price from about ₦1,750/litre to ₦1,200/litre, ₦1,000/litre and now ₦940, is an eloquent demonstration of the capacity of the local industries to impact the Nigerian economy positively.

He added that the trickledown effect of this intervention promises to change the dynamics of the country’s energy costs amid inadequate and rising electricity costs.

The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the country’s high inflation rate. Many companies will be back in operation.