Dangote Refinery Cuts Diesel Price by N200 Amid Imports

On May 26, 2023, Dangote Petroleum Refinery announced a reduction in the ex-depot price of diesel by N200 per liter, lowering it from N1,800 to N1,600 per liter. This price adjustment coincides with the arrival of fresh petroleum imports into Nigeria, which has sparked reactions across the downstream oil sector.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reportedly resumed approving import licenses for petroleum products, contributing to increased competition in the market. Joseph Obel, a representative from the Petroleum Product Retail Outlet Owners Association of Nigeria, indicated that the recent influx of imported products has influenced the refinery's decision to adjust its prices.

The arrival of vessels carrying imported petroleum products occurred shortly before the price reduction, suggesting a strategic response to enhance market competitiveness.