Dangote refinery drops diesel price to N1,020 per litre.

Dangote Petroleum Refinery and Petrochemicals claims it has cut the price of its diesel to N1,020 per litre, down from N1,075 at the gantry pricing.

In a statement issued on Tuesday, the corporation stated that the reduction was necessary to better serve its clients and Nigerians in general.

The refinery recently dropped the ex-depot price of petrol from N950 to N890 per litre.

This caused marketers to lower their pricing, with MRS offering a litre of petrol for N925.

Prof. Ken Ife, a development economist and public policy expert, commented on the new diesel price cut of N55 per litre, stating that the Dangote refinery sacrificed almost N10 billion to ensure that petrol was available at a uniform price across the country over the holiday season.

Speaking on national television yesterday, Ife stated that for years, the equalisation fund was in charge of regulating the pricing differentials and transportation costs associated with distributing petroleum across the country, and that the government owes marketers more than N80 billion from the fund.

Ife also stated that the facility is pushing Nigeria away from its traditional focus on premium motor spirit and towards a broader spectrum of petroleum-based exports.

He noted that with large international companies such as Saudi Aramco acquiring refined goods from Nigeria, the country is quickly emerging as a vital player in the global petroleum market.