The Dangote Petroleum Refinery made headlines on Tuesday with the announcement of a remarkable reduction in the price of diesel, from N1,200 to N1,000 per litre. This move has been hailed as unprecedented and is expected to have far-reaching effects on the economy.
Devakumar Edwin, a group executive at Dangote, confirmed the company’s entry into the diesel and jet fuel market, noting substantial quantities available for distribution. The refinery has been actively supplying these products to the local market, both by sea and road, with vessels lining up for loading.
The reduction in diesel price is part of a series of initiatives by the Dangote refinery to impact the economy positively. Previously, the refinery had lowered the price from the market rate of N1,600 to N1,200 per litre, marking a significant 30% decrease. Now, with the latest reduction to N1,000 per litre, the refinery aims to further alleviate the economic burden on businesses relying on diesel.
This development is anticipated to have widespread implications across various sectors of the economy, potentially contributing to a reduction in the nation’s high inflation rate. By supplying petroleum products at more affordable rates, the Dangote refinery aims to foster economic growth and reduce Nigeria’s dependence on imported fuels.
The Dangote refinery, Africa’s largest such project, has been a focal point of investment and development, representing a significant milestone in the nation’s quest for self-sufficiency in petroleum refining. With a processing capacity of up to 650,000 barrels per day, it is poised to become a pivotal player in the region’s energy landscape.
Once fully operational, the Dangote refinery is expected to revolutionize Nigeria’s refining sector, substantially reducing the need for fuel imports and positioning the nation as a key player in the global energy market.