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Dangote Refinery Raises Diesel Prices Amid Naira Depreciation

ByOllus NdhomuMay 22, 20241 Mins read45 Views

WRITTEN BY: CHIOMA MADONNA NDUKWU

The Dangote Petroleum Refinery has increased diesel prices from ₦940 to ₦1,100 per litre, driven by the continuous decline of the Nigerian naira against the US dollar.

This adjustment follows prior reductions influenced by market dynamics and consultations with oil marketers. The refinery, heavily reliant on imported crude priced in dollars, faces direct cost impacts from exchange rate fluctuations.

The recent naira depreciation to over ₦1,400/$ has complicated pricing strategies. Additionally, the refinery plans to start distributing domestically produced petrol next month, potentially lowering fuel costs.

#OMAGIST@AFRICAWORLDNEWS

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Ollus Ndhomu

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