Marketers have shown excitement as Dangote slashes diesel prices to N1000/litre. The Dangote refinery has considered the plight of the oil marketers regarding their request for a reduction in the cost of Automotive Gas Oil, known as diesel.
On Tuesday, April 16, 2024, the Dangote refinery ignited a moment of joy among the operators and marketers in the oil sector by announcing the reduction in the diesel price from N1,200/litre to N1,000/litre.
The announcement was made in a statement issued by Nduka Chiejina, the refinery spokesman. The statement shared, “The refinery supplied at a substantially reduced price of N1,200/litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600/litre.”
The 1000/litre price is expected to positively contribute to economic growth across various sectors and reduce the inflation rate deepening into the country.
In response to the reduction in price, the Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja Branch, Mohammed Shuaibu, said the reduction of the automobile gas would increase competition in the oil sector and force other bodies to reduce prices for the benefit of many Nigerians.
He said Such competition would create room for more price reduction, and we will start seeing the positive impact on the cost of goods and services in the long run.”
IPMAN, the body responsible for the diesel price reduction, called in an interview last week and explained that the N1,225/litre price for the commodity from the indigenous refinery was high for products produced in Nigeria and not imported.
However, according to the oil marketers, diesel produced at the Dangote refinery is favourable, with no vessel cost, import charges, and other costs associated with importing the commodity into Nigeria.
