https://en.sputniknews.africa/20240424/nigerias-dangote-refinery-lowers-fuel-prices-again-to-alleviate-economic-challenges-in-country-1066214821.html
Nigeria's Dangote Refinery Lowers Fuel Prices Again to Alleviate Economic Challenges in Country
Nigeria's Dangote Refinery Lowers Fuel Prices Again to Alleviate Economic Challenges in Country
Sputnik Africa
The Dangote refinery was built at a cost of $20 billion by Nigerian tycoon Aliko Dangote and can process up to 650,000 barrels per day. It is expected to... 24.04.2024, Sputnik Africa
2024-04-24T18:38+0200
2024-04-24T18:38+0200
2024-04-24T18:44+0200
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For the third time since it began supplying the products in early April, Dangote, Nigeria's newest large-scale refinery, announced that it is lowering the cost of aviation fuel and diesel on the local market, the media reported on Tuesday, citing an emailed statement.The price of diesel fuel will be reduced by 6% to 940 naira ($0.69) per liter, while jet fuel will be sold at 980 naira ($0.72). Customers purchasing five million liters or more will have to pay the 940 naira price, while those purchasing one million liters or more will pay 980 naira per liter.Due to Nigeria's inadequate power supply, major enterprises predominantly depend on diesel-powered generators for electricity, which cost as much as 1,600 naira ($1.17) at the start of March, according to the report. Prior to the entry of Dangote into the market, the majority of the nation's refined petroleum had to be imported. A week ago, the company reduced the price of petroleum from 1,200 naira ($0.88) per liter to 1,000 naira ($0.73).The refinery is currently operating at about 300,000 barrels per day, nearly half its design capacity, and has begun supplying jet fuel, diesel fuel and naphtha.The Nigerian government announced last December that it was considering transferring its stakes in 11 power companies to state governments in an effort to strengthen oversight and resolve the country's persistent power shortages.Furthermore, in his New Year’s address, the country's leader, Bola Tinubu, outlined improvement of electricity supply as one of the key priorities in 2024, adding that the government "recognizes that no meaningful economic transformation can happen without steady electricity supply."
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nigeria, west africa, dangote refinery, aliko dangote, bola tinubu, dangote group, refinery, oil, energy, electricity, economy
Nigeria's Dangote Refinery Lowers Fuel Prices Again to Alleviate Economic Challenges in Country
18:38 24.04.2024 (Updated: 18:44 24.04.2024) The Dangote refinery was built at a cost of $20 billion by Nigerian tycoon Aliko Dangote and can process up to 650,000 barrels per day. It is expected to become the largest facility in both Africa and Europe when it reaches full capacity.
For the third time since it began supplying the products in early April, Dangote, Nigeria's newest large-scale refinery, announced that it is lowering the cost of aviation
fuel and diesel on the local market, the media reported on Tuesday, citing an emailed statement.
The price of diesel fuel will be reduced by 6% to 940 naira ($0.69) per liter, while jet fuel will be sold at 980 naira ($0.72). Customers purchasing five million liters or more will have to pay the 940 naira price, while those purchasing one million liters or more will pay 980 naira per liter.
“The new price is in consonance with the company’s commitment to cushion the effect of economic hardship in Nigeria,” Dangote Group spokesman Anthony Chiejina reportedly said.
Due to Nigeria's inadequate power supply, major enterprises predominantly depend on diesel-powered generators for
electricity, which cost as much as 1,600 naira ($1.17) at the start of March, according to the report. Prior to the entry of
Dangote into the market, the majority of the nation's refined petroleum had to be imported. A week ago, the company
reduced the price of petroleum from 1,200 naira ($0.88) per liter to 1,000 naira ($0.73).
The refinery is currently operating at about 300,000 barrels per day, nearly half its design capacity, and has begun supplying jet fuel, diesel fuel and naphtha.
The Nigerian government announced last December that it was considering transferring its stakes in 11 power companies to state governments in an effort to strengthen oversight and resolve the country's persistent power shortages.
Furthermore, in his
New Year’s address, the country's leader,
Bola Tinubu, outlined improvement of electricity supply as one of the key priorities in 2024, adding that the government
"recognizes that no meaningful economic transformation can happen without steady electricity supply."
