Dangote Petroleum Refinery has announced yet another reduction in the price of diesel, slashing it from ₦1200 to ₦1,000 per litre.
Three weeks ago, the refinery introduced the product at a significantly reduced price of ₦1,200 per litre, marking a remarkable 30% drop from the previous market rate of around ₦1,600 per litre. This latest substantial reduction in diesel prices by Dangote Petroleum Refinery is anticipated to have a positive ripple effect across all sectors of the economy, potentially contributing to a reduction in the country’s high inflation rate.
Aliko Dangote, Africa’s wealthiest individual and the refinery’s owner, expressed confidence last week that this downward trend in diesel prices would lead to a decrease in inflation in Nigeria. “I believe we are making strides in the right direction. Nigerians have demonstrated patience, and I foresee numerous benefits emerging,” he remarked.
He also pointed out the significant improvement underway, particularly in light of the aggressive devaluation of the naira, which had surged to around ₦1,900, posing a major challenge to the economy.
