Tag: Diesel

  • Diesel price averaged N1,789.45 per litre in July – NBS

    Diesel price averaged N1,789.45 per litre in July – NBS

    The National Bureau of Statistics (NBS) says the average retail price of a litre of diesel decreased from N1,813.81 in June 2025 to N1,789.45  in July.

    The NBS said this in its Diesel Price Watch for July released in Abuja on Friday.

    The report said that the July price of N1,789.45 per litre amounted to a 1.34  per cent decrease over the N1,813.81 paid in June.

    “On a year-on-year basis, the price increased by 29.72 per cent from the N1,379.48 per litre recorded in July  2024,” it said.

    On state profile analysis, the report said that the highest average price of diesel in July was recorded in Benue at N2,341.46 per litre, followed by Adamawa at N2,163.88 and Plateau at N2,029.71.

    It said that the lowest price was recorded in Ondo State at N1,465.71 per litre, followed by Zamfara at N1,470.35, and Gombe State at N1,485.00.

    “Analysis by zones showed that the South-South had the highest price of N1,941.98 per litre, while the South-West recorded the lowest price at N1,619.06,’’ it said.

  • Nigeria to end diesel dependency – Shettima

    Vice-President Kashim Shettima, says Nigeria will soon phase out diesel dependency and cut carbon emissions through the nation’s integrated hybrid energy system.

    Shettima said this on Wednesday while declaring open the Decarbonising Infrastructure in Nigeria Summit (DIN SUMMIT), in Abuja.

    He warned that Nigeria would struggle to compete or catch up with the world, if the nation’s climate dreams do not align with its development realities.

    “Onne Port, for instance, is already emerging as the template for our quest to breathe life into a robust green economy.

    “Discussions are currently underway with private investors to commit nearly 60 million dollar to electrify the port and transform it into Nigeria’s first green port.

    “This is a strategic leap. Through an integrated hybrid energy system, we will phase out diesel dependency, slash carbon emissions, and provide 24/7 sustainable and affordable power to terminal operators and port users,” he said.

    Shettima explained that 75 per cent of Nigeria’s greenhouse gas emissions come from the infrastructure sector, including energy, transport, urban development, and agriculture.

    These sectors, according to him, are not just carbon-heavy but also form the nation’s economic arteries, especially agriculture, which supports 70 per cent of rural livelihoods.

    Shettima observed that, while the staggering figures are a wake-up call for a nation that figures them out, the only way of the “predicted doom is to decarbonise these systems.”

    The Vice-President added that the target is to build a Nigeria with infrastructure that heals, and not one that harms.

    “This is how we can alter our trajectory. If we do this right, we stand to generate over 1.5 million green jobs by 2035.

    “We can also cultivate new export markets in clean energy and climate-smart agriculture, which would transform Nigeria into a regional leader in low-carbon enterprise.

    “Distinguished ladies and gentlemen, we are not here to fantasise, we are here to finance, mobilise, de-risk and  build.

    “The Nigeria we want cannot be realised on diesel generators and fragile grids, it will not emerge from a model that chokes our lungs while draining our treasury. We must build a Nigeria whose infrastructure heals rather than harms,” he said

    He described the theme of the summit, “Unlocking Climate Finance for Sustainable Development,” as very apt.

    He said the nation faces an urgent and immense task of decoupling its development from the carbon-intensive models of the past and to do so without leaving any Nigerian behind.

    “This is why we must strengthen our regulatory frameworks,  harmonise policy across sectors and tiers, launch tools like the Green Investment Portal to connect capital to climate-smart opportunities.

    “This is why we must have our states at the forefront of this march to the future to show that decarbonisation must not stop at Abuja’s gates. It must reach every local government, every community, every home,” he stressed.

    The Director-General, National Council on Climate Change (NCCC), Dr Nkiruka Maduekwe, said Nigeria must urgently transition to a low-carbon economy.

    This, she said despite contributing minimally to global emissions because of its vulnerability to climate change impacts.

    “Although Nigeria’s contribution to the global carbon emission is very minimal, Nigeria is highly vulnerable to the impacts of climate change.

    “This is because of its location in the African continent as well as our low adaptive capacity,” Dr Maduekwe said.

    She also called for substantial private sector investment in sustainable infrastructure development, particularly in energy systems and transportation transformation.

    The Personal Assistant to the President on Sub-national Infrastructure (Office of the Vice-President), Musaddiq  Adamu, emphasised the administration’s commitment to sub-national leadership in driving climate innovation.

  • How price of diesel jumped from N842.25 in 2023 to N1415.06 in 2024

    How price of diesel jumped from N842.25 in 2023 to N1415.06 in 2024

    The National Bureau of Statistics (NBS) has said the average retail price of a litre of diesel increased from N842.25 in April 2023 to N1415.06 in April 2024.

    NBS stated this in its Diesel Price Watch for April 2024 released in Abuja on Tuesday.

    The report said that the April 2024 price of N1415.06 per litre amounted to a 68.01 per cent increase over the N842.25 paid in April 2023.

    “On a month-on-month basis, the price increased by 5.51 per cent from the N1341.16 per litre recorded in March 2024,” it added.

    On state profile analysis, the report said the highest average price of diesel in April 2024 was recorded in Taraba at N1742.46 per litre, followed by Bauchi at N1669.63 and Borno at N1652.61.

    It stated that the lowest price was recorded in Niger at N1023.00 per litre followed by Kogi at N1152.50 and Adamawa at N1257.50.

    “In addition, the analysis by zones showed that the North-East had the highest price of N1553.80 per litre, while the North-Central recorded the lowest price at N1307.21”.

    Petrol price stands at N701.24 in April – NBS

    The NBS) said the average retail price of a litre of petrol increased from N254.06 in April 2023 to N701.24 in April 2024.

    The bureau said this in its Petrol Price Watch for April 2024, released in Abuja on Tuesday.

    It said that the April 2024 price of N701.24 represented a 176.02 per cent increase over the price of N254.06 recorded in April 2023.

    “Comparing the average price value with the previous month of March 2024, the average retail price increased by 0.64 per cent from N696.79

    “On state profile analysis, Kogi paid the highest average retail price of N797.78 per litre, followed by Nasarawa and Zamfara at N778.89 and N754.29, respectively.

    “Conversely, Lagos, Niger and Ogun paid the lowest average retail price at N633.75 and N647.14,” the bureau said.

    The report said analysis by zones showed that the North-East zone recorded the highest average retail price in March 2024 at N734.70, while the South-West recorded the lowest price at N655.66 per litre.

  • Real reason Dangote Refinery crashed prices of diesel, aviation fuel again

    Real reason Dangote Refinery crashed prices of diesel, aviation fuel again

    Dangote Petroleum Refinery has announced a further reduction in the prices of diesel and aviation fuel to N940 and N980 per litre, respectively.

    The Head of Communication, Dangote Group, Mr Anthony Chiejina, on Tuesday in Lagos, said the development was in consonance with the company’s commitment to cushioning the effects of economic hardship in Nigeria.

    The price reduction is coming at the wake of its widely celebrated price reduction to N1,000, from N1,200, barely two weeks ago.

    According to Chiejina, the price change of N940 is applicable to customers buying five million litres and above from the refinery, while the price of N980 is for customers buying one million litres and above.

    He revealed that the refinery had brokered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers purchase fuel at affordable prices.

    He added that the partnership would be extended to other major oil marketers.

    “You can buy as low as one litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.

    “The essence of this is to ensure that retail buyers do not buy at exorbitant prices.

    “The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce these new prices, and hope that it would go a long way to cushioning the effect of economic challenges in the country,” he said.

    Recall that President Bola Tinubu had commended the company for the initial price reduction, from N1,200 to N1,000 per litre, describing it as an “enterprising feat.”

    Also, the Director General, Manufacturers Association of Nigeria (MAN), Mr Segun Ajayi-Kadir, described the development as an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.

    Ajayi-Kadir said the reduction would have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture; easing the high inflation rate in the country and returning many companies back to operation.

  • Dangote announces further reduction in price of diesel

    Dangote announces further reduction in price of diesel

    The Dangote Petroleum Refinery has announced a further reduction in the prices of diesel and aviation fuel to N940 and N980 per litre, respectively.

    TheNewsGuru.com (TNG) reports Dangote Refinery made the announcement on Tuesday after right after its big price drop to N1,000 just two weeks ago.

    In an unprecedented move, Dangote Refinery had announced reduction of the price of diesel from N1200 to N1,000 per litre two weeks before.

    Dangote Refinery had rolled out the product in March at a reduced price of N1,200 per litre, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

    TNG reports diesel, which has impact on the cost of some food, is mostly used in large quantity in Nigeria by industries and articulated vehicles for transporting goods across the country.

    A reduction in the price of diesel will subsequently affect the prices of goods and services across board and reduce the current skyrocketing prices in the country.

    Customers purchasing five million liters or more from the refinery will benefit from the revised price of N940, while those purchasing one million liters or more will be eligible for the price of N970.

    Mr. Anthony Chiejina, the Head of Communication, made this known, saying it aligns with the company’s goal of easing the economic challenges faced by Nigerians.

    “I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations be it Lagos or Maiduguri.

    “You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,” Chiejina said.

  • What Tinubu said about Dangote reducing price of diesel

    What Tinubu said about Dangote reducing price of diesel

    President Bola Tinubu has commended the Dangote Oil and Gas Limited for reducing the price of Automotive Gas Oil (AGO), also known as diesel.

    This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Wednesday in Abuja.

    Diesel is mostly used in large quantity in Nigeria by industries and articulated vehicles for transporting goods across the country.

    A reduction in the price of diesel will subsequently affect the prices of goods and services across board and reduce the current skyrocketing prices in the country.

    Dangote recently reviewed downwards the price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above.

    Ngelale said that the price review represented a 60 per cent drop.

    He said that Tinubu stated that Nigerians and domestic businesses are the nation’s surest transport and security to that glorious destiny of economic prosperity.

    The Presidential spokesman said that the federal government has 20 per cent stake in Dangote Refinery.

    He said that the President noted the significance of partnership between the public and private entities in advancing the overall well-being of the country.

    Ngelale said that the President called on Nigerians and businesses to put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.

  • President Tinubu lauds Dangote on diesel price reduction

    President Tinubu lauds Dangote on diesel price reduction

    President Bola Tinubu has commended the Dangote Oil and Gas Limited for reducing the price of Automotive Gas Oil (AGO), also known as diesel.

    This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Wednesday in Abuja.

    Diesel is mostly used in large quantity in Nigeria by industries and articulated vehicles for transporting goods across the country.

    A reduction in the price of diesel will subsequently affect the prices of goods and services across board and reduce the current skyrocketing prices in the country.

    Dangote recently reviewed downwards the price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above.

    Ngelale said that the price review represented a 60 per cent drop.

    He said that Tinubu stated that Nigerians and domestic businesses are the nation’s surest transport and security to that glorious destiny of economic prosperity.

    The Presidential spokesman said that the federal government has 20 per cent stake in Dangote Refinery.

    He said that the President noted the significance of partnership between the public and private entities in advancing the overall well-being of the country.

    Ngelale said that the President called on Nigerians and businesses to put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.

  • Reprieve as Dangote refinery  further slashes price of diesel to N1,000/litre

    Reprieve as Dangote refinery further slashes price of diesel to N1,000/litre

    Following the appeal by oil marketers Dangote Petroleum Refinery has agreed to reduce the of Automotive Gas Oil, popularly called diesel.

    The Dangote refinery reduced the price of diesel from its initial N1,200/litre to N1,000/litre, a development that triggered excitement among operators in the downstream oil sector.

    This new price was announced on Tuesday by Dangote refinery via a statement issued on Tuesday by its spokesperson, Nduka Chiejina.

    The statement read in part, “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.”

    It would be recalled that last week, oil marketers called for a downward review in the pump price of diesel being produced by the Dangote Petroleum Refinery to between N700 and N850/litre.

  • BREAKING: Dangote Refinery announces roll out of diesel

    BREAKING: Dangote Refinery announces roll out of diesel

    Dangote Group has commenced the roll out of diesel from its petroleum refinery located in Lekki, Lagos State to oil marketers, marking a significant milestone in Nigeria’s petroleum sector.

    TheNewsGuru.com (TNG) reports the conglomerate made this known on Monday via platform X, formerly Twitter.

    The launch of operations at the Dangote refinery is expected to reduce Nigeria’s reliance on imported petroleum products drastically.

    Independent Petroleum Marketers Association of Nigeria (IPMAN) had claimed that the landing cost of the product from the refinery is pegged at N1,250 per litre.

    Members of three prominent associations, which constitute 75 per cent of the total market in Nigeria, have been registered to make the product available in the country.

    The associations are Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), and Major Oil Marketers Association of Nigeria (MOMAN).

    The 650,000 barrels capacity Dangote Refinery, the world’s largest single-train refinery commenced production in January. The refinery commenced refining with production of diesel and aviation fuel.

    The refinery started production after receiving six million barrels of crude oil from the Nigerian National Petroleum Company Ltd.

    TNG reports the refinery can load 2,900 trucks a day at its truck-loading gantries. Diesel is being loaded via sea from the single point mooring (SPM-P3) and via land from the gantry at the the Dangote Refinery.

  • BREAKING: NNPC breaks silence on reported price reduction for petrol, diesel

    BREAKING: NNPC breaks silence on reported price reduction for petrol, diesel

    The Nigerian National Petroleum Corporation (NNPC) Limited has said there is no price reduction for Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

    TheNewsGuru.com (TNG) reports NNPC Limited made this known in a statement released on Wednesday by Olufemi Soneye, Chief Corporate Communications Officer.

    “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

    “The company asserts that these reports are false and urges Nigerians to disregard them entirely.

    “NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement reads.