Again, Dangote Reduces Diesel, Aviation Fuel Prices To N940, N980

Dangote Petroleum Refinery has recently announced a reduction in the prices of diesel and aviation fuel. The new prices are now set at N940 and N980 per liter, respectively. This decision comes just two weeks after the refinery had already reduced the price to N1,000.

The new price of N940 applies to customers who purchase five million liters and above from the refinery, while customers buying one million liters and above will be charged N970.

Anthony Chiejina, the Head of Communication at Dangote Group, emphasized that this price reduction is in line with the company’s commitment to alleviating the economic challenges faced by Nigeria.

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,” Chiejina said.

He added that the partnership will be extended to other major oil marketers.

“The essence of this is to ensure that retail buyers do not buy at exorbitant prices. The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” he stated.

The management of Dangote Petroleum Refinery recently declared yet another decrease in the price of diesel, lowering it from N1200 to N1,000 per liter.

This reduction signifies the third significant drop in diesel prices within less than three weeks.

In other news, President Bola Tinubu’s government is still paying N1 trillion in subsidies monthly.

This is according to the Chief Executive Officer, CEO, and Managing Director of Pinnacle Oil and Gas Limited, Robert Dickerman.

Dickerman made the revelation months after the federal government denied paying subsidies for petrol.

Recall that President Bola Tinubu had last year removed fuel subsidies. Pinnacle Oil has recently revealed that Nigeria presently spends nearly N1 trillion every month on petrol subsidies.

Dickerman shared this information at a panel discussion during session six of Nigeria’s Downstream Forum at the recently ended Nigeria International Energy Summit (NIES) in Abuja.

He stated that a considerable subsidy is still in existence, which has contributed to the product’s low pricing and may be driving smuggling operations in neighboring countries.

“Foreign investors, foreign lenders and government-run DFIs have been very clear about what they want to see: Conservative fiscal policy, tackling corruption, enabling competitive markets, and enforcement of fairness in markets through policy, regulation and the ability to enforce contracts. Keeping that context in mind, I want to point out that there is still a massive subsidy in PMS, albeit in the FX portion of PMS Price, not the global price in dollars.

“The consequences of this subsidy are: The cost of gasoline in Nigeria is the lowest in Africa by far, which encourages smuggling out, further depriving Nigeria of value.

“Smuggling causes Nigeria to subsidize neighboring countries even while our economy struggles. The cost is hurting the entire budget, Federal and State, as critical programs cannot be funded to pay this subsidy. It is currently calculated to be about 1 trillion Naira/month.

“Also, with this subsidy in place, ceasing subsidy payments would result in no petrol supply, if there are no refineries producing gasoline. All supplies come from the international market which will only sell at market prices.”