Dangote Petroleum Refinery has announced a significant reduction in the price of diesel from 1,200 to 1,000 naira per litre. This decision marks a new chapter in Nigeria's petroleum sector, promising to have far-reaching effects on the nation's economy.
Three weeks ago, the refinery began rolling out its products at a substantially reduced price of 1,200 naira per litre. This represented a remarkable reduction of over 30 per cent from the previous market price of approximately 1,600 naira per litre. The further reduction to 1,000 naira per litre is expected to have a positive impact across all sectors of the economy and could potentially contribute to a decrease in the country's high inflation rate.
Dangote Petroleum Refinery recently started distributing diesel and aviation jet fuel to oil marketers, marking a significant milestone in Nigeria’s petroleum sector. This development is particularly noteworthy as the refinery begins to fulfil its role in supplying the domestic market with essential petroleum products.
The refinery, with a processing capacity of up to 650,000 barrels per day, is set to become the largest in Africa and Europe once it reaches full operational capacity, which is anticipated within this year or the next.
The commencement of operations at the Dangote refinery is expected to drastically reduce Nigeria’s dependence on imported petroleum products. This new refinery positions Nigeria favourably to enhance its energy security and economic stability, marking a significant stride in the country's journey towards self-reliance in its energy sector.