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Opinion

Diesel prices fall by 20.6% as Dangote Refinery floods the domestic market

In April, the price of Automotive Gas Oil (AGO) (diesel) fell by 20.6% to N1,350 a litre as the Dangote Refinery pumped the commodity into the domestic market.

Nigeria’s inflation and foreign exchange problems has driven up the price of the commodity to around N1,700 per litre in most parts of the country, including Lagos and Abuja.

Typically, it was imported from the worldwide marketplace.

However, it was reported on Wednesday that the price of diesel began to fall as people became aware that Dangote Petroleum Refinery had set its pricing at N1,225/litre.

Marketers React

It was earlier claimed that marketers were purchasing diesel and aviation fuel from Dangote Refinery.

Mr. Clement Isong, Chief Executive Officer/CEO of the Major Energy Marketers Association of Nigeria (MEMAN), told Vanguard newspaper this.

He stated that oil merchants had begun to extract diesel and aviation gasoline 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.”

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