The Dangote Petroleum Refinery has listened to the calls of oil marketers as regards the reduction in the price of Automotive Gas Oil, popularly called diesel.
On Tuesday, the refinery announced a reduction in the price of diesel from N1,200/litre to N1,000/litre, a development that triggered excitement among operators in the downstream oil sector.
Dangote refinery announced this in a statement issued on Tuesday by its spokesperson, Tony Chiejina.
The statement read in part, “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1200 to N1,000/litre.
“While rolling out the products, the refinery supplied at a substantially reduced price of N1,200/litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600/litre.
“This significant reduction in the price of diesel at Dangote Petroleum Refinery is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”
On April 10, 2024, oil marketers called for a downward review in the pump price of diesel being produced by the Dangote Petroleum Refinery to between N700 and N850/litre.
The operators also revealed plans to meet the managers of the refinery this week, as stated in the report.
Reacting to the price reduction on Tuesday, the Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja Branch, Mohammed Shuaibu, said, “This is a welcome development and I am happy to hear this news because it will further increase competition in the downstream which will benefit many Nigerians.
“Such competition would create room for more price reduction and we are going to start seeing the positive impact on the cost of goods and services on the long run.”
On his part, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, said, “I have not heard about it yet. But I will be excited if it is true. It is good news.”
