Dangote Crashes Diesel Price To N1,000 Per Litre

Dangote Refinery has crashed the price of diesel from N1,200 per litre to N1,000 per litre.

Chief Corporate Communications Officer, Dangote Group, Anthony Chiejina, confirmed this in an interview with New Telegraph on Tuesday.

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 of the marketers who spoke to New Telegraph 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 and positively affect all the spheres of the economy and ultimately reduce the high inflation rate in Nigeria.

The President of Dangote Group, Aliko Dangote, had said the reduction in the cost price of diesel will reduce the inflation rate in the country.

He spoke during his visit to President Bola Tinubu in his residence in Lagos State to celebrate the Eid-el-Fitr and the end of the Ramadan fast with the President.

Dangote 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.”