By Aduragbemi Omiyale
The pump prices of diesel and aviation fuel have been further brought down by Dangote Petroleum Refinery to N940, and N980 per litre, respectively.
A statement from the refiner disclosed that the N940 per litre price for diesel only applies to customers buying five million litres and above from its facility located in Lagos, while those purchasing one million litres and above would pay N970 per litre.
Recall that nearly two weeks ago, Dangote Refinery crashed diesel price to N1,000 per litre from about N1,200 per litre as part of its efforts to support the nation’s economy, especially when the prices of goods and services are rising due to high energy and transportation costs.
Speaking on the new development, the Head of Communication for Dangote Group, Mr Anthony Chiejina, explained that the new price aligns with the company’s commitment to cushion the effect of economic hardship in Nigeria.
“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable prices, in all their stations be it Lagos or Maiduguri.
“You can buy as low as one litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,” the company’s spokesman said.
He further stated that the partnership will be extended to other major oil marketers, noting that, “The essence of this is to ensure that retail buyers do not buy at exorbitant 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 added.
Business Post reports that the latest price cut in diesel price is the third in less than three weeks when the product sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre.
Reacting to the latest development, the Director General of the Manufacturers Association of Nigeria (MAN), Mr Ajayi Kadiri, said, “The decision of Dangote Refinery to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.”
“The trickle-down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, amid inadequate and rising cost of electricity.
“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,” he added.
Recall that President Bola Tinubu had also commended the owner of the Dangote Refinery, Mr Aliko Dangote, for the initial price reduction, describing it as an “enterprising feat.”