Dangote Petroleum Refinery shakes up the market with a significant price drop, slashing diesel cost from N1200 to N1000 per litre.
The Chief Corporate Communications Officer Dangote Group, Anthony Chiejina who confirmed the new price noted that it supplied diesel at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 percent reduction from the previous market price of about N1,600 per litre.
It explained that the significant reduction in the price of diesel is expected to positively affect all the spheres of the economy and reduce the high inflation rate in the country.
The refinery at the inception of distribution of the product sold N1,600 per litre and later reduced it to N1,200 per litre.
Some marketers also confirmed that the current price is N1,000 per litre.
It is expected that the further reduction of diesel prices by the refinery will tremendously affect all the spheres of the economy and ultimately reduce the high inflation rate in Nigeria.
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The President of Dangote Group, Aliko Dangote, had during a visit to President Bola Tinubu said the reduction in the cost price of diesel will reduce the inflation rate in the country.
“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,” he said.
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