Dangote Petroleum Refinery Reduces Diesel Price To N1000

Dangote Petroleum Refinery has slashed the price of diesel to N1000 per liter, marking a further reduction from its initial price of N1200. This announcement comes just three weeks after the refinery initially rolled out its product at the N1200 rate.

Last Wednesday, Alhaji Aliko Dangote, Chairman of the Dangote Group, expressed optimism about the impact of the significant reduction in fuel prices on Nigerian inflation. He acknowledged the patience of Nigerians and highlighted the positive effects that the reduced prices would bring.

Dangote emphasized the relief provided by the stabilization of the naira exchange rate, which had previously experienced significant devaluation, reaching up to N1,900. However, the currency has now stabilized at around N1,250 to N1,300, providing relief to consumers and businesses alike.

The reduction in diesel prices is expected to have a ripple effect on the cost of goods and services, particularly those reliant on diesel for production and transportation. Dangote pointed out that high diesel prices had previously led to increased costs for locally produced commodities such as flour. By offering diesel at a lower price of N1,200 instead of the previous N1,650, the refinery aims to alleviate some of the inflationary pressures.

Dangote Refinery

Dangote believes that the reduction in diesel prices could lead to an immediate decrease in inflation rates. He anticipates that the next month’s inflation figures will reflect the positive impact of the reduced diesel prices on the overall economy.