Dangote Refinery Further Cut Diesel Price To N1,000 Per Liter

Relief for Nigerian manufacturing sector as Dangote refinery announced a further cut in the price of diesel to its Nigerian customers.

The company in a release on Tuesday, reduced the price of a liter of the product from N1,200 to N1,000.

The company says the significant reduction in its price of diesel is expected to positively affect all sphere of the economy, thereby reducing the high inflation in the country.

Dangote refinery, which is designed to refine 650,000 barrels of crude daily, is also exporting diesel to other countries.

The $20 billion plant is expected to start petrol in Nigeria next month.

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He said: There’s quite a lot of improvement because, if you look at it here, one of the major issues that we’ve had was the narrow devaluation that has gone very aggressively up to about N1,900.

But right now we’re back to almost N1,250 or N1,300, which is a good improvement.

And you can see quite a lot of things have actually gone up. Even people now when you go to the market, for example, something that we produce locally, like flour or whatever, people will charge you more.

Why? Because they’re paying very high prices on diesel. And what we did, for example, in our refinery, we started selling even diesel at about 1,200 for 1,650.

And I’m sure, you know, as we go along, things will continue to improve quite a lot.

Well, even now it’s a lot of impact. If you look at it now, when you are buying N1,650, N1,700 for a liter of diesel, and that one has been cut off by almost one third to now be paying diesel at 1,200.