Breaking: Dangote Refinery Drops Diesel Prices – Here’s What You’ll Pay Now

Dangote has lowered the diesel price to ₦1,020 per litre from the previous ₦1,075 per litre gantry price, aiming to better serve its customers and Nigerians at large.....KINDLY READ THE FULL STORY HERE▶

Since commencing diesel production in January 2024, the refinery has slashed prices more than three times—from an initial ₦1,700 per litre to the current rate—bringing significant relief to manufacturers and consumers alike.

This latest ₦55 per litre reduction comes after development economist and public policy analyst, Ken Ife, revealed that Dangote Petroleum Refinery sacrificed over ₦10 billion to maintain uniform petrol prices nationwide during the yuletide season.

Ife also commended the refinery for setting a new standard in Nigeria’s energy sector, creating vast opportunities for export revenue.

Speaking on Arise TV about the refinery’s transformative impact, Ife explained that for years, the Petroleum Equalisation Fund (PEF) managed price differences and transportation costs for distributing fuel across the country. However, he noted that the fund reportedly owes marketers over ₦80 billion.

“What has happened is that the president shifted the subsidy burden from the public sector to the private sector. The equalisation fund, meant to cover price differentials and transport costs, plays a crucial role in ensuring uniform fuel prices nationwide. But with the fund owing around ₦80 billion to marketers, this issue remains unresolved.

“During the Christmas season, when fuel shortages, hoarding, and price hikes typically spike food costs, the Dangote Group absorbed the costs themselves. They maintained uniform prices at a cost of over ₦10 billion, effectively covering the subsidy,” he explained.

Prof. Ife further highlighted that the refinery is steering Nigeria away from its heavy reliance on Premium Motor Spirit (PMS) towards a diversified portfolio of petroleum-based exports.