HighlightOil & Gas

MAN, marketers, other stakeholders laud Dangote’s slashing of diesel price to N1,000/litre

Persecondnews recalls that IPMAN had called for a reduction in diesel price, saying the N1,225/litre price by the indigenous refinery was high since it was not imported but produced in Nigeria.

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The decision by Dangote Petroleum Refinery to reduce the price of diesel from N1,200 to N1,000 per litre has been commended by marketers and other stakeholders in the country.

The Independent Petroleum Marketers Association of Nigeria, the Major Energies Marketers Association of Nigeria, and the Manufacturers Association of Nigeria (MAN) have praised the company for crashing the price of diesel.

Accirding to a former Chairman of the Manufacturers Association of Nigeria (MAN), Ogun Chapter, Dr Wale Adegbite, the decision will help businesses to thrive in the country.

“The decision of Dangote Refinery to reduce the price of diesel was a welcome development as this would help businesses to thrive in the face of current economic challenges in the country.

“The reduction of diesel price from N1,200 to N1,000 is a very good development and it will reduce the cost of doing business.

“We hope it can be sustained and not just predatory pricing,” he said.

Also reacting to the price reduction, the Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja Branch, Alhaji Mohammed Shuaibu, said it is a welcome development.

“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,” he said.

The Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, said: “I have not heard about it yet. But I will be excited if it is true. It is good news.”

Persecondnews recalls that IPMAN had called for a reduction in diesel price, saying the N1,225/litre price by the indigenous refinery was high since it was not imported but produced in Nigeria.

On Tuesday, April 16, Dangote Petroleum Refinery had announced a reduction in the price of diesel from N1,200/litre to N1,000/litre which caused excitement among operators in the downstream oil sector.

A statement by its spokesperson, Tony Chiejina, said: “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1200 to N1,000/litre.

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

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