The Dangote Petroleum Refinery and Petrochemicals has reduced the price of diesel from N1,075 to N1,020.
This is the third time they have dropped diesel prices since they began production in January 2024. An initial price of N1,700 has significantly come down to its current price of N1,075.
According to the statement by the $30bn company on Tuesday, February 11, 2025, the purpose is part of their effort to better serve their customers and the nation, Nigeria at large.
This was also seen in a recent decision to slash the ex-depot price of petroleum from N950 to N890 “according to market realities”.
Nigeria, the giant of Africa, has been faced with energy supply challenges. Despite the vast natural resources the country is blessed with including the black-rich “crude oil,” the lack of functional refineries has left the country incapacitated.
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The crude oil is exported and reimported back as refined petroleum products by the only state-run NNPC.
After the incumbent president, Bola Ahmed Tinubu removed the subsidy in May 2023, immediately after resuming office, the price of fuel has been on a perpetual increase, from N200 to over N1000. This has largely bewildered the citizens as the entire economy experienced massive inflation as a result.
Now, the few Refineries in the country are returning to their duty post.
In December 2024, Aliko Dangote set his refinery in Lagos back to functioning, with the production of 350,000 barrels per day. As he continues to put things in place, they look forward to meeting up with the 650,000 per day full capacity.
So far, the refinery has commenced the supply of diesel, aviation fuel, and petrol to the marketers.
Consequently, The Warri and Port Harcourt refineries commenced production last year and so far have started loading fuel.
Let’s see how all these developments will affect the energy supply and the economy at large which is almost dragged to the ground.
