In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1,200 to N1,000 per litre.

In a Tuesday release, the company said “While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

“This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”

Dangote oil refinery began supplying the Nigerian domestic market with petroleum products such as diesel and aviation jet fuel.

Chairman of Dangote Group, Aliko Dangote recently thanked President Bola Tinubu for his support and encouragement, towards the actualisation of the project.

He also thanked the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and Nigerians for their support and belief in what he called the historic project.

“We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to detail.

“This is a big day for Nigeria. We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country,” Dangote said.

The Dangote Petroleum Refinery and Petrochemical Project, a subsidiary of Dangote Industries Limited, is a 650,000 barrels per day crude oil refinery located in Dangote Industries Free Zone, Ibeju-Lekki, Lagos.