Inflation, Prices Of Goods To Drop As Dangote Refinery Crashes Diesel Price To N1,000/litre

In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

BUSINESSINSIDERNG reports that Aliko Dangote, the richest man in Africa, said the drop in the retail price of Automotive Gas Oil (AGO), also known as diesel, can help bring inflation down.

Dangote spoke to journalists last week during his visit to President Bola Tinubu in Lagos.

He said there has been considerable economic progress recently, indicating the country is on the right path.

The businessman said reducing the cost of diesel from N1,650 to N1,200 would make a lot of difference, potentially helping to immediately lower inflation rates.

However, 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 read.

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