Diesel Price Drops By 20.6% As Dangote Refinery Floods Domestic Market

The price of Automotive Gas Oil, AGO, (diesel), has dropped by 20.6 per cent to N1,350 per litre in April, as the Dangote Refinery pumps the product into the domestic market.

Nigeria’s inflation and foreign exchange crisis had pushed the prices of the product to about N1,700 per litre in most parts of the nation, including Lagos and Abuja.

Usually, it was mostly imported from the global market.

However, checks by Vanguard, Wednesday, indicated that the price of diesel started to drop following the awareness that Dangote Petroleum Refinery has pegged its price at N1,225/litre.

Marketers react

Earlier, Vanguard reported that marketers said they were now buying diesel and aviation fuel from Dangote Refinery.

The Chief Executive Officer/CEO, Major Energy Marketers Association of Nigeria, MEMAN, Mr. Clement Isong, told Vanguard so.

He said oil marketers have started to lift diesel and aviation fuel from the $20 billion Dangote Refinery.

He said: “Our members have started lifting diesel and aviation fuel from the Dangote Refinery. It is a good development that will impact the domestic market.”

VANGUARD