The Dangote Petroleum Refinery has announced a further cut in selling of Automotive Gas Oil (AGO), also known as diesel, now put at N1000 per litre of the petroleum product
This represents a drop from the initial N1200/litre price quoted by the refinery two weeks ago.
Chairman of the Dangote Group, Alhaji Aliko Dangote, had earlier assured that the refinery will start selling diesel at a reduced rate as part of measures to address the country’s disturbing inflation rate.
His words, "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"
The Africa's richest man strongly the further reduction in the price of diesel would continue to assist in bringing down inflation rate in the country
“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 stated
The billionaire business man attributed the significant increase in the cost of the product to the depreciation of the naira in the foreign exchange market but noted that as the naira’s resurgence continues, the price of diesel will gradually come down.
It will be recalled that the price of diesel has increased by over 50.20% year-on-year, according to the National Bureau of Statistics (NBS) Diesel Price Watch for February 2024. In the month under review, the average price of diesel across the country stood at N1,257.06 per litre with some states selling at over N1500/litre.
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