Dangote further crashes prices of diesel, aviation fuel

In a sustainable move to ease the economic burden of Nigerians, Dangote Refinery has again announced a further reduction in the prices of diesel and aviation fuel to N940 and N980.

This marks the third major reduction in diesel price from N1,700 to N1,200, with a further reduction to N1,000, and now N940, while N980 goes for a litre of aviation fuel.

The new price regime applies to customers purchasing five million litres and above, while consumers buying one million litres and above would enjoy N970 per litre.

Head of Communications at Dangote Refinery, Anthony Chiejina, said the gesture is part of the company’s efforts to alleviate the economic challenges faced by Nigerians.

He revealed a strategic partnership with MRS Oil and Gas stations that guarantees affordable prices across their facilities nationwide.

Chiejina emphasised that retail buyers can now access diesel at a price as low as N1,050 per litre and aviation fuel at N980 per litre at major airports where MRS operates.

He noted that the partnership is to prevent consumers from purchasing fuel at exorbitant prices, thereby promoting affordability and accessibility.

The spokesperson clarified that the understanding would be extended to other major oil marketers, as the essence of the price cut is to ensure that retail buyers do not purchase fuel at ridiculous 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,” he said.

President Bola Tinubu had commended Dangote for his entrepreneurial initiative in the initial price reduction, describing it as an “enterprising feat.”

Also, Director-General of the Manufacturers Association of Nigeria (MAN), Ajayi Kadiri, termed the decision as a clear demonstration of the capacity of local industries to positively impact the fortunes of the national economy.

He added that the trickle-down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, especially amid inadequate and rising electricity costs.

Kadiri noted: “The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation.”.

Executive Secretary, Major Energies Marketers Association of Nigeria (MEMAN), Clement Isong, said the slash is an advantage of exchange rate management.

National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, while describing the development as a welcome development, added that the move would assist Nigerians in terms of transportation, powering their homes and production.

National Board of Trustees (BOT) Treasurer of IPMAN, Chinedu Okoronkwo, said the decision would improve market functioning, leading to a reduction in prices of food and other products.