Dangote Slashes Diesel Prices To N1,000

The price of gas has been significantly reduced, as reported by Dangote Petroleum Refinery.

When Dangote Petroleum Refinery first started operating a few weeks ago, the price of gas was set at N1,200.

Three weeks ago, the refinery delivered at a significantly lower price of N1,200 a litre while rolling out the product.

This was a decrease of more than 30% from the previous market price per litre, which was around N1,600.

On Tuesday, though, there was a further N200 price drop, making the goods currently available for N1,000.

Alhaji Aliko Dangote, the chairman of the Dangote Group, stated last Wednesday that Nigeria’s inflation will improve as a result of the substantial drop in fuel prices to N1,200.

He spoke during a briefing with journalists following his homage visit to President Bola Tinubu for Eid-el-Fitr in Lagos.

According to Dangote, there has been considerable economic progress recently, indicating that the country is on the right path.

He said: “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 N1,900.

“But right now, we’re back to almost N1,250, N1,300, 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 N1,200 instead of N1,650 and I’m sure as we go along, things will continue to improve quite a lot.

“If you look at it now, when you are buying N1,650 or N1,700 for a litre of diesel, and that one has been cut off by almost two-thirds, you are now paying N1,200 for diesel.

“This can help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you’ll see that there’s quite a lot of improvement in the inflation rate.” [CONTINUE READING HERE]