Dygote Petroleum Refinery and Petrachemicals (DPRP) has reduced the cost of its diesel product to N1,020 per liter of N1,075 per liter a reduction of N55, which according to him is an effort to better serve his customers and Nigerians in general.
Since Diesel production began in January 2024, the refinery has reduced the price of diesel more than three times, from an initial N1,700 per liter to the current rate, which provides a very necessary relief for manufacturers and consumers equal.
The last reduction for Diesel follows the development of the development economist and public policy analyst, Professor Ken IFE, that Dangote's oil refinery sacrificed more than N10 billion to guarantee the availability of gasoline at a uniform price throughout the country during the Yuletide period.
Professor IFE also praised the refinery for establishing a new reference point in Nigeria's energy sector by unlocking great opportunities for export income.
Speaking about the transformative impact of the refinery on Arise TV, the Don explained that for years, the equalization fund had been responsible for managing price differentials and transport costs involved in the distribution of oil throughout the country.
However, it has been reported that the Fund owes to marketing specialists of more than N80 billion, according to the development analyst.
“What really happened is that the president has removed the subsidy burden of the public bag and the private sector. The equalization fund, which was destined to cover differential costs and price transport, plays a crucial role.
“If oil will be sold throughout the country at an established price, then transport costs must be taken into account to ensure that this is possible. That is the purpose of equalization. However, it is reported that the equalization fund owes around N80 billion to vendors, and this problem is still under discussion.
“During the Christmas season, which is traditionally the most challenging period, we often face oil shortage, gasoline hoarding and arbitrary price increases, all of which affect the cost of food. In response, during this last Yuletide, the Dangote group made the decision to absorb costs.
“They matched the price itself, at a cost of more than N10 billion. In doing so, they effectively absorbed the subsidy, ”said the professor.
He also added that the installation is moving Nigeria away from its traditional approach to the Premium Motor Spirit (PMS) towards a diversified range of oil -based exports.
He added that with the main international players such as BP and Saudi Aramco buying refined products from Nigeria, the country is quickly becoming a key player in the global oil market, while expressing the confidence that Nigeria is on the road to the Self -sufficiency in oil products, therefore. position yourself as an energy export power.
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