The Dangote Petroleum Refinery has announced a further reduction in the price of diesel it produces. The company said a litre will now sell for N1,000 instead of its former N1,200, adding that the decision was taken in a bid to help the Nigerian economy grow.
The announcement was contained in a statement released by the refinery on Tuesday, part of which reads: “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.
“While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.’
Nduka Chiejina, the company’s spokesperson who issued the statement also explained reasons for the latest decision: “this significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”
Meanwhile, petroleum marketers are applauding the reduction with a popular conviction that such competition will further crash the prces of not just diesel but other petroleum products.
In his reaction to the news, Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abuja-Suleja Branch, Mohammed Shuaibu, said: “This is a welcome development and I am happy to hear this news because it will further increase competition in the downstream which will benefit many Nigerians.
“Such competition would create room for more price reduction and we are going to start seeing the positive impact on the cost of goods and services on the long run.” Shuaibu said
