BREAKING: Dangote Announces 30% Reduction In Price Of Diesel

Eko Hot Blog reports that Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

A statement by the organisation on Tuesday night explained that the significant reduction in the price of diesel is expected to positively affect all the spheres of the economy and reduce the high inflation rate in the country.

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Recall that the Refinery had three weeks ago forced down the pump price of Automotive Gas Oil, a.k.a diesel to around N1,350/litre in some locations across the country following its own price of N1,225/litre.

File Image of Dangote Refinery

The price of the product had risen to about N1,700/litre before the current fall.

According to PUNCH, the company sold a minimum of one million litres to each registered oil marketer that got the product from the plant since it commenced diesel sale.

Officials of the multi-billion dollar plant and oil dealers confirmed that the product was dispensed to marketers at between N1,225/litre and N1,300/litre depending on the volume of purchase.

It was also gathered that the refinery would start releasing Premium Motor Spirit to the domestic market in May this year.

“They started pumping out diesel to marketers last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making the purchase.

File Image of Aliko Dangote

“So some of our marketers have started getting the product, but as an association, we have not got the product yet, because we want to get the actual rate that it will be sold to us when we buy in bulk. However, they have started selling diesel because some of our marketers have started buying.

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“They are selling at N1,225/litre and the minimum volume they are giving is one million litres per marketer. Also, they assured us that they will release more products but for now, this (diesel) is what they are starting with.”

“So we are expecting them to release PMS anytime from now,” National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi told PUNCH.

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