The Dangote Petroleum Refinery in Lagos, owned by Africa’s richest man, Aliko Dangote, has reduced the pump price of Automotive Gas Oil (diesel) to N1,000 per liter.
This significant reduction comes after the refinery commenced loading diesel by road this week, bringing down the price from N1,200 per liter previously observed at some fuel stations.
The refinery initially supplied diesel at a reduced price of N1,200 per liter three weeks ago, marking a 30% reduction from the previous market price of around N1,600 per liter.
The move is expected to positively impact the economy and reduce the country’s high inflation rate.
The Dangote Refinery, commissioned by former President Muhammadu Buhari in May 2023, has the capacity to refine 650,000 barrels of crude oil per day, aiming to meet local demand and revamp the Nigerian economy.
With Nigeria lacking a functioning government-owned refinery, the Dangote Refinery’s operations are poised to play a crucial role in addressing the country’s fuel needs, starting with diesel supply this month and petrol supply expected to commence next month.
