Dangote Petroleum Refinery has taken a further step in alleviating the economic hardships in Nigeria by announcing a significant reduction in the prices of diesel and aviation fuel. This latest move sets the price of diesel at N940 per litre for purchases of five million litres or more, and aviation fuel at N980 per litre.
The announcement comes shortly after a previous price cut two weeks ago, where prices were lowered to N1,000 per litre. The refinery has now introduced a tiered pricing strategy, offering diesel at N970 per litre for customers purchasing at least one million litres.
Strategic Partnership with MRS Oil and Gas
In a bid to make these lower prices accessible to more Nigerians, Dangote Petroleum Refinery has entered into a strategic partnership with MRS Oil and Gas. According to Mr. Anthony Chiejina, Head of Communication at the refinery, this collaboration aims to ensure that consumers across Nigeria, from Lagos to Maiduguri, can purchase diesel at N1,050 per litre and aviation fuel at N980 per litre at all major airports where MRS operates.
“The essence of this partnership is to ensure that retail buyers do not buy at exorbitant prices,” Chiejina explained. He added that plans are underway to extend this initiative to other major oil marketers.
Impact on Local Industries and Economy
The repeated price reductions are seen as a boost to various sectors including manufacturing, transportation, logistics, and agriculture. These sectors have been significantly affected by high energy costs and the general economic downturn in the country.
Mr. Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria, lauded the refinery’s efforts, noting, “The decision of Dangote Refinery to first crash the price from about N1,750/litre to N1,200/litre, then to 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.”
He emphasized that the reduction in fuel prices could potentially alter the energy cost dynamics significantly, contributing to easing the high inflation rate and reviving many struggling companies.
Government and Public Reaction
President Bola Tinubu has previously commended Dangote for its role in reducing fuel prices, describing it as an “enterprising feat” that sets a positive precedent for other corporations in the country.
With this new pricing strategy, Dangote Petroleum Refinery continues to play a pivotal role in addressing the economic challenges faced by Nigerians, providing much-needed relief as the country strives towards economic recovery and stability.
