Nigeria’s President Bola Tinubu has commended the Dangote Petroleum Refinery over a reduction in the price of Automotive Gas Oil (AGO), otherwise known as diesel from N1,200 to N1,000 per litre.
A few weeks ago, members of the Independent Petroleum Marketers Association of Nigeria announced that local oil marketers had set the diesel price at N1,225 per litre after securing a bulk purchase agreement.
A Dangote group executive, Devakumar Edwin, confirmed that the company has begun distributing diesel and aviation jet fuel locally, with substantial quantities being evacuated both by sea and road.
The refinery supplied diesel at a reduced price of N1,200 per litre three weeks ago, a 30% decrease from the previous market price of around N1,600 per litre.
This significant price reduction is expected to positively impact the economy, and help alleviate high inflation rates in the country.
President Tinubu through his media aide, Ajuri Ngelale, said the fuel price review represents a significant 60% reduction, which will substantially impact the prices of various goods and services.
Tinubu stressed that Nigerians and domestic businesses are crucial for the nation’s journey towards economic prosperity. The President urged Nigerians and businesses to prioritise the nation’s interests at this time, assuring them of a conducive, safe, and secure environment to thrive in the country.
A week prior, Dangote had met with President Tinubu in Lagos, where he stated that there will be a decrease in inflation owing to the downward review of diesel prices.
“At our refinery, we’ve begun selling diesel at approximately ₦1,200, compared to the previous ₦1,650 price,” Dangote said.