Dangote Industries Ltd.’s new mega refinery has announced its third price reduction for diesel and aviation fuel in the domestic market since commencing delivery in March.
Effective immediately, diesel will be sold at 940 naira ($0.76) per liter, a 6% decrease, while aviation fuel will be priced at 980 naira per liter. This pricing applies to bulk purchases exceeding 5 million liters.
Nigeria’s reliance on diesel-powered generators for electricity, due to inadequate power supply, has led to high demand.
Prior to Dangote’s market entry in March, the country largely relied on imported refined fuel. The company initially sold fuel at 1,200 naira per liter, subsequently reducing the price to 1,000 naira two weeks ago.
According to Anthony Chiejina, Dangote Group spokesman, “The new price reflects our commitment to alleviating economic hardship in Nigeria.”
The 650,000 barrel-a-day refinery, located outside Lagos, is preparing to launch two units to enable gasoline production, poised to significantly impact the fuel market in Nigeria and the region.
Currently operating at approximately 300,000 barrels per day, nearly half its capacity, the refinery has begun exporting jet fuel, gasoil, and naphtha, with plans to expand its product range.
