Dangote Refinery cut diesel prices to N1,020/L from N1,075/L, continuing its reductions since January 2024.Diesel prices have dropped from N1,700/L, easing costs for manufacturers and consumers.Economist Prof. Ken Ife noted Dangote sacrificed over N10B to stabilize petrol prices and praised its impact on Nigeria’s energy sector and export potential.
On Arise TV, Prof. Ife highlighted the refinery’s impact, noting the equalisation fund’s role in managing price gaps and transport costs.He stated the fund owes marketers N80B and that the subsidy burden has shifted from the government to the private sector.Prof. Ife noted that the Christmas season typically brings fuel shortages, hoarding, and price hikes, affecting food costs.
To counter this, Dangote Group absorbed over N10 billion in costs, effectively covering the subsidy themselves.He added that the refinery is shifting Nigeria’s focus from Premium Motor Spirit (PMS) to a broader range of petroleum exports.
With major buyers like BP and Saudi Aramco sourcing refined products from Nigeria, the country is emerging as a key global petroleum player. Ife expressed confidence that Nigeria is moving toward self-sufficiency while strengthening its position as an energy export powerhouse.
