Dangote changes diesel price as petrol costs rise to new high

The Dangote Petroleum Refinery has increased the price of diesel from N940 per litre to N1,100 because of the slide in the naira’s value against the US dollar.

The refinery reduced diesel's price from N1,200 per litre to N1,000, in April 2024, after marketers' calls for a price slash.

The refinery also crashed the diesel and aviation fuel prices to N40 per litre and N980, respectively.

However, on Tuesday, May 21, 2024, diesel costs from the refinery increased from N940 per litre to N1,100.

According to oil marketers, the refinery's increment in diesel prices was because of the naira crash against the dollar.

The president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maiandi, stated that the refinery had earlier reduced its diesel price to about N940 per litre but raised it to N1,100 two weeks ago.

Maigandi stated that the rise of the price of the product can be blamed on the naira’s slide against the US dollar.

IPMAN’s national public relations officer, Ukadike Chinedu, reportedly said the naira’s crash against the dollar is driving up the cost of the commodity at the refinery.

He stated that the refinery imports crude oil from abroad and that crude oil is usually priced in dollars.