Dangote Petroleum Refinery & Petrochemicals has reduced its diesel price to N1,020 per litre, down from N1,075.
Since starting production in January 2024, the refinery has lowered diesel prices multiple times, from an initial N1,700 per litre, easing costs for manufacturers and consumers.
The latest N55 per liter reduction follows revelations that the refinery sacrificed over N10 billion to stabilize petrol prices during the festive season.
Speaking on the transformative impact of the refinery on Arise TV, Prof. Ife explained that for years, the equalization fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country. However, it has been reported that the fund owes marketers over N80 billion, according to the development analyst.