Dangote Refinery has crashed diesel price to N1,000 per litre, the Dangote Group disclosed this in a statement on Tuesday.

The reduction of the price of diesel from N1,200 to N1,000 naira per litre was described as a significant development that would bring relief to manufacturers and those involved in production.

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per 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," the statement said.

In a video posted on its social media in the last 24 hours, the company confirmed that it had commenced the distribution of diesel to registered marketers through land and sea, marking a significant development for Nigeria's fuel supply and the energy sector.

Checks by Daily Trust have shown that marketers have already begun picking up diesel from the refinery, with video showing diesel loading onto truck tankers and vessels at the refinery as stakeholders believe that the rollout is a positive step for Nigeria's energy sector.