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Economy: Dangote further slashes diesel, aviation fuel prices to N940, N980 to improve consumers’ welfare –Spokesman

*Anthony Chiejina, Chief Branding and Communication Officer at Dangote Group, explains the new product prices of Diesel and aviation fuel from Dangote Petroleum Refinery align with the company’s commitment to cushioning the effect of the current economic hardship on Nigerian consumers

Isola Moses | ConsumerConnect

Sequel to the recent price reduction of petroleum products in Nigeria, Dangote Petroleum Refinery, again, has further reduced the prices of diesel and aviation fuel to ₦940, and ₦980 per litre respectively.

This development is coming after the company’s widely celebrated price reduction to ₦1,000, which it announced Wednesday, April 17, 2024.

Oil tankers loading products at Dangote Petroleum Refinery, in Lagos

The price change of ₦940 applies to fuel consumers buying five million litres and above from the refinery, while the price of ₦970 is for customers buying a million litres and above, according to Dangote.

Mr Anthony Chiejina, Chief Branding and Communication Officer at Dangote Group, who disclosed this development, in a statement, explained that the new prices align with the company’s commitment to cushioning the effect of economic hardship on Nigerian consumers.

Chiejina stated: “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 an affordable price in all their stations, be it Lagos or Maiduguri.

“You can buy as low as 1 litre of diesel at ₦1,050 and aviation fuel at ₦980 at all major airports where MRS operates.”

He disclosed that the partnership would be extended to other major oil marketers. The essence of this is to ensure that retail buyers do not buy at exorbitant prices.

The statement also noted: “The Dangote Group is committed to ensuring that Nigerians have 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.”

ConsumerConnect reports the Management of Dangote Petroleum Refinery recently announced a further reduction of the price of diesel from N1,200 to N1,000 per litre.

It is equally noted that this latest reduction in retail fuel prices marks the third major reduction in diesel price in less than three weeks, when the product sold at ₦1,700 to ₦1,200 and a further reduction to ₦1,000 and now ₦940 for diesel and ₦980 for aviation fuel per litre respectively.

Presidential commendation for Dangote Petroleum Refinery

Following the recent reduction of diesel price in the West African country, Nigerian President Bola Ahmed Tinubu had commended Alhaji Aliko Dangote, President/CE of Dangote Group, for the move, describing it as “an enterprising feat” for reducing the gantry price of Automotive Gas Oil (AGO), otherwise known as diesel.

The Presidency in a statement issued Wednesday, April 17, 2024, by Chief Ajuri Ngelale, Presidential Spokesman,  had said the Federal Government observed the price review then, represented a 60 percent drop, which would, in no small measure, impact the prices of sundry goods and services in the Nigerian economy.

Ngelale disclosed President Tinubu affirmed that Nigerians and domestic businesses are the country’s surest transport and security to that glorious destiny of economic prosperity.

Stressing the significance of the Federal Government’s 20 percent stake in Dangote Petroleum Refinery, the administration said such partnerships between public and private entities are essential to advancing the overall well-being of Nigerian consumers.

Tinubu urged Nigerians and businesses to, at this time, put the country in priority gear, assuring them of a conducive, safe, and secure environment to thrive.

Price reductions will change dynamics of energy costs in Nigeria, says MAN Director-General

Also speaking on the latest price reduction by Dangote Refinery, Mr. Ajayi Kadiri, Director-General of the Manufacturers Association of Nigeria (MAN), was quoted to have said that the decision of Dangote Refinery to first crash the price from about ₦1,750/litre to ₦1,200/litre, ₦1,000/litre and now ₦940, is an eloquent demonstration of the capacity of the local industries to impact the Nigerian economy positively.

Kadiri submitted that the trickledown effect of this intervention promises to change the dynamics of the country’s energy costs amid inadequate and rising electricity costs.

According to the MAN Chief, the reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the country’s high inflation rate. Many companies will be back in operation.

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