Dangote Petroleum Refinery has announced a further reduction in the price of diesel from 1200 to 1,000 naira per litre. This remarkable decision follows a previous reduction in the price of diesel supplied by the refinery three weeks ago, which dropped to N1,200 per litre, marking a significant 30 per cent decrease from the previous market price of around N1,600 per litre.
This price adjustment is anticipated to have an effect across various sectors of the economy, potentially aiding in the alleviation of the persistently high inflation rate in the country.
Aliko Dangote, the visionary behind this move, emphasized the potential impact on inflation during a press briefing in Lagos. He expressed optimism about the economic outlook, citing improvements in the foreign exchange market with the naira strengthening against the dollar.
“I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1,900.
“But right now, we’re back to almost ₦1,250, ₦1,300, which is a good reprieve. Quite a lot of commodities went up. When you go to the market, for example, something that we produce locally like flour, people will charge you more. Why? Because they’re paying very high diesel prices.
“Now, in our refinery, we started selling diesel at about ₦1,200 instead of ₦1,650 and I’m sure as we go along, things will continue to improve quite a lot,” Dangote stated.