Dangote Refinery Slashes Diesel Price to N1,000 per Litre in Bid to Combat Inflation
By Patience Ikpeme
In a move hailed as unprecedented, Dangote Petroleum Refinery has announced a further reduction in the price of diesel, bringing it down to N1,000 per litre. This dramatic price cut comes just three weeks after the refinery began supplying diesel at a significantly reduced rate of N1,200 per litre.
Prior to Dangote’s intervention, the market price of diesel hovered around N1,600 per litre. This latest reduction translates to a total price slash of 38.75%, offering a major relief to consumers.
Analysts believe this move will have a positive ripple effect across the Nigerian economy. Diesel is a critical fuel source for various industries, including transportation, agriculture, and manufacturing. A lower diesel price is expected to reduce transportation costs, leading to potentially lower prices for goods and services. This, in turn, could contribute to curbing the nation’s high inflation rate.
“This significant reduction in the price of diesel is a positive development for all Nigerians,” said a spokesperson for Dangote Petroleum Refinery. “We believe it will stimulate economic activity and bring much-needed relief to businesses and consumers alike.”
The Dangote Refinery, with a capacity of 650,000 barrels per day, is expected to significantly reduce Nigeria’s reliance on imported diesel. This, coupled with the competitive pricing strategy, could usher in a new era of fuel affordability and economic stability.
However, some industry observers caution that the long-term impact of this price cut remains to be seen. They point out that the global oil market is subject to volatile price fluctuations, which could potentially affect Dangote’s ability to sustain this pricing strategy.
Despite this note of caution, the Dangote Refinery’s decision to slash diesel prices has been met with widespread applause. Many Nigerians are hopeful that this move will translate into lower transportation costs and a general reduction in the cost of living.
