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  • Oil & Gas - News
  • Updated: April 03, 2024

Diesel price drop to N1,350 per litre in Nigeria's fuel market

Diesel price drop to N1,350 per litre in Nigeria's fuel mark

Nigeria's diesel market witnesses a significant shift as prices plummet from around N1,700 per litre to approximately N1,350 per litre, following the commencement of diesel sales by the Dangote Petroleum Refinery.

The $20 billion refinery, which initiated domestic distribution last Wednesday, marks a notable reduction in diesel rates across the country.

The refinery, known for its ambitious goal of transforming Nigeria into a net exporter of fuel, has begun selling diesel to registered oil marketers.

Each marketer is required to purchase a minimum of one million litres of diesel, with prices ranging between N1,225 and N1,300 per litre based on volume.

This move by the refinery is perceived as a significant step towards stabilizing diesel prices nationwide, particularly after recent spikes that saw prices soar to N1,700 per litre in certain areas.

Despite facing regulatory hurdles in the past, the refinery has successfully commenced production and sale of refined petroleum products, signaling a milestone in Nigeria's energy landscape.

Analysts anticipate that the refinery's entry into the diesel market will lead to further price stability and improved access to petroleum products across Nigeria. 

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