Dangote Refinery Slashes Diesel Price From N1200 to N1000

On Tuesday, the Dangote refinery announced that the price of a litre of diesel would be reduced from N1,200 to N1,000.

The company expects the significant decrease in diesel prices to positively affect every aspect of the economy, including Nigeria's high inflation rate.

Related News:

• Dangote Refinery Approve Registration 75% Marketers For Distribution of Refine Products

• Dangote Refinery Receives Last Shipment to Complete 6 Million Barrels Expected Before Production Starts

• Dangote Petroleum Refinery Receives Its Fourth Shipment From the NNPCL

"In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the diesel price from 1200 to 1,000 naira per litre.

"While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per liter three weeks ago, representing over 30 percent reduction from the previous market price of about N1,600 per liter.

"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," the company said.

It was reported that Dangote Refinery started producing aviation fuel and diesel earlier in January this year.

According to a statement released by the company announcing the start, the refinery also received six million barrels of crude oil at its two SPMs, which are located 25 kilometres offshore. 

The first crude oil delivery was made on December 12, 2023, and the sixth shipment was delivered on January 8, 2023.

One of the biggest trading firms in Nigeria and the world, Shell International Trading and Shipping Company Limited, sent over 8 million barrels of crude oil per day, and this was the first cargo to arrive at the plant. It was Agbami crude grade.

The company also received an additional one million barrels of bright light crude from the Nigeria National Petroleum Company (NNPC Ltd.), marking a step closer to starting refined petroleum product production.

The second shipment to be delivered to the Dangote facility is a fresh one million barrels of crude from the Shell terminal through the Trafigural-owned MT Otis. The world's largest single-train refinery is anticipating six million barrels of crude.

The company started supplying the local market with petroleum products earlier in the month.

It was reported that Dangote Refinery commenced supplying petroleum products to the local market on Tuesday, April 2, 2024, following a briefing from the Executive Director of the Dangote Group, Devakumar Edwin.

He said,

• We have substantial quantities. Products are being evacuated both by sea and road. Ships are lining up to load diesel and aviation jet fuel. Ships load a minimum of 26 million litres, though we try to push for 37 million litres vessels, for ease of operations.