Dangote Refinery, a leading petroleum company, has made a groundbreaking announcement that is set to have a significant impact on the Nigerian economy. The company has decided to reduce the price of diesel from N1,200 to N1,000 per litre, marking a substantial 30% decrease from the previous market price of N1,600 per litre.

This move by Dangote Refinery is not just a simple price reduction. It is a strategic decision that is expected to have far-reaching effects on various sectors of the economy. By making diesel more affordable, the company aims to combat the high inflation rate in the country and stimulate economic growth.

The refinery, which recently started production of diesel and aviation fuel, received its first crude oil delivery on 12 December 2023. Since then, it has received a total of six million barrels of crude oil, with plans to receive more in the future. The crude oil supply comes from reputable companies such as Shell International Trading and Shipping Company Limited (STASCO) and the Nigeria National Petroleum Company (NNPC Ltd).

With the reduction in diesel prices and the commencement of production of refined petroleum products, Dangote Refinery is poised to make a significant impact on the local market. The company’s commitment to providing high-quality products at affordable prices is a testament to its dedication to driving positive change in the Nigerian economy.

Overall, Dangote Refinery’s decision to reduce diesel prices is a step in the right direction towards creating a more sustainable and prosperous future for Nigeria. As the company continues to expand its operations and reach, it is sure to make a lasting impact on the country’s economic landscape.