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The Dangote Petroleum Refinery has heeded the requests of oil marketers for a reduction in the price of Automotive Gas Oil, commonly known as diesel from N1,200/litre to N1,000/litre.
The refinery announced a decrease in the price of diesel from N1,200/liter to N1,000/liter on Tuesday, which was met with enthusiasm by players in the downstream oil sector.
This announcement was made in a statement issued by the refinery's spokesperson, Nduka Chiejina.
The statement highlighted that the refinery had previously supplied diesel at a reduced price of N1,200/litre, representing a significant 30% reduction from the previous market price of about N1,600/litre.
The refinery believes that this reduction will positively impact the economy and contribute to lowering the high inflation rate in the country.
The Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja Branch, Mohammed Shuaibu, reacting to the price reduction, said, “This is a welcome development, and I am happy to hear this news because it will further increase competition in the downstream, which will benefit many Nigerians.
“Such competition would create room for more price reduction and we are going to start seeing the positive impact on the cost of goods and services on the long run.”
The Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, on his part,said, “I have not heard about it yet. But I will be excited if it is true. It is good news.”
