In a significant development for consumers, the price of diesel, also known as Automotive Gas Oil (AGO), has undergone a notable decline of 20.6%, dropping to N1,350 per litre in April. This downward trend comes as the Dangote Refinery steps up its efforts to supply the domestic market with ample quantities of the product.
Amidst Nigeria’s ongoing challenges with inflation and foreign exchange, diesel prices had soared to around N1,700 per litre across various regions, including major cities like Lagos and Abuja. Historically reliant on imports to meet demand, the market landscape has undergone a transformation with the entry of the Dangote Refinery, which has set its diesel price at a competitive N1,225 per litre.
Notably, the decline in diesel prices commenced following the revelation of Dangote Petroleum Refinery’s pricing strategy, marking a turning point in the market dynamics. This shift has been welcomed by consumers and industry players alike.
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Earlier reports from Vanguard indicated that market players are now sourcing diesel and aviation fuel directly from the Dangote Refinery, signaling a shift in supply chains within the energy sector. Mr. Clement Isong, CEO of the Major Energy Marketers Association of Nigeria (MEMAN), affirmed this transition, highlighting the positive impact it is expected to have on the domestic fuel market.
The move to procure diesel from the Dangote Refinery reflects a strategic shift for oil marketers, driven by the refinery’s commitment to quality and competitive pricing. As such, this development is poised to not only stabilize diesel prices but also enhance accessibility and affordability for consumers nationwide.
