The price of a bag of rice, a staple food in Nigeria, has dropped significantly from around N90,000 to between N42,000 to N67,000 in Abuja, Lagos, Ogun, and some other states. This price crash is attributed to the rebound of the Nigerian naira against the US dollar.
In border communities, the price is even lower, with a 50kg bag of rice selling for around N49,000 or below. The removal of fuel subsidy and the floating of the naira by the Bola Tinubu administration in 2023 had previously caused food prices, including rice, to soar to as high as N90,000 per bag.
However, the situation has now improved, with rice prices declining across various markets in Lagos, Abuja, Ogun, and other states. Traders report that they are now able to buy and sell rice at lower prices compared to the high prices seen in late 2023 and early 2024.
Additionally, Dangote Petroleum Refinery has announced a reduction in the prices of diesel and aviation fuel to N940 and N980 per liter, respectively. This is part of the company’s efforts to reduce the economic hardship faced by Nigerians.
Head of Communications at Dangote Group, Anthony Chiejina, who confirmed the new price, noted it is in line with its effort to reduce the economic hardship in Nigeria.
Chiejina stated the new price of N940 is applicable to customers buying five million litres and above from the refinery while the price of N970 is for customers buying one million litres and above.
“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,” he stated.
He further stated that the partnership will be extended to other major oil marketers.
“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 this new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” he added.
Two weeks ago, Dangote reduced the price of diesel to N1,000.
