Dangote Refinery Reduces Diesel Price to N1000/Litre

The Dangote Petroleum Refinery is now selling Automotive Gas Oil (AGO), popularly known as diesel, at a discounted price of N1000 per litre. This marks a decrease from the previous price of N1200 per litre set by the refinery two weeks ago.

Aliko Dangote, Chairman of the Dangote Group, had previously stated that the refinery would begin selling diesel at a reduced rate as a strategy to address the country’s high inflation rate.

Dangote Refinery’s decision to stabilise diesel prices brings hope to struggling industries facing economic uncertainties. Diesel is vital for manufacturing, so this move is likely to ease financial burdens on Nigerian industries.

The refinery announced a significant price reduction for diesel, expecting positive effects on the economy and aiming to reduce high inflation rates. Previously, the refinery had reduced prices by 30 percent, from around N1,600 per litre to N1,200, when it launched its products three weeks ago.

On Monday, the refinery posted videos on X, showing fuel being loaded onto ships and trucks. One clip displayed the Golden Lavender vessel getting filled with diesel, likely headed for a buyer in Nigeria according to shipping data.

Kpler data indicates multiple ships loading petroleum products from the Dangote refinery. Notably, the Nord Master, recently loaded, appears to be heading towards Amsterdam-Rotterdam-Antwerp, a key oil trading area in northwest Europe.

Another video from Dangote depicted trucks being loaded with diesel. Traders are closely watching the refinery’s progress as it increases production. When fully operational, it will be able to process 650,000 barrels per day, making it the largest plant in Europe and Africa.