Aliko Dangote, Africa’s wealthiest individual, has sounded the alarm on profiteering within the diesel market, as his company, Dangote Petroleum Refinery, takes a bold step to disrupt prevailing prices.

The refinery has slashed its diesel price to N1,000 per litre, down from the current market rate of N1,600, sparking a potential price war in the industry. This move follows an earlier reduction by a new player, which brought the price down to N1,200 per litre.

Speaking during a visit to Gombe State over the weekend, where he attended a wedding ceremony, Dangote highlighted the imminent nationwide shift, declaring that diesel would soon be available at N1,000 per litre across the country. He pointed out that certain investors had been profiting excessively from the business for an extended period.

“Some persons have held the business for a very long time; they were profiting but we decided that we can afford to sell it at N1,000, which is a 60 per cent drop,” Dangote remarked.

He emphasized the impact of this price reduction in regions like Gombe, Borno, and Bauchi, where diesel was previously selling for as high as N1,700 to N1,800 per litre. Dangote assured reporters that within a few days, diesel would not cost more than N1,000 anywhere in Nigeria, signaling a significant shift in the market landscape.