Dangote Petroleum Refinery has announced a further drop in fuel diesels.
Dangote Petroleum Refinery set the price of diesel at N1200 a few weeks ago, when it first started operations.
Three weeks ago, the refinery provided a lower price of N1200 a litre as part of the product roll-out.
However, on Tuesday, the price was reduced by another N200, bringing the goods down to N1000.
Last Wednesday, Alhaji Aliko Dangote, Chairman of the Dangote Group, stated that the major reduction in fuel prices to N1,200 would have a good impact on Nigerian inflation.
He had said: โI 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. Thereโs quite a lot of improvement because if you look at it, one of the major issues that weโve had was the naira devaluation that has gone very aggressively up to about N1,900.
โBut right now, weโre 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 theyโre paying very high diesel prices.
โNow, in our refinery, we started selling diesel at about N1,200 instead of N1,650 and Iโm sure as we go along, things will continue to improve quite a lot.
โIf 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.
โThis can help to bring inflation down immediately. And Iโm sure when the inflation figures are out for the next month, youโll see that thereโs quite a lot of improvement in the inflation rate.โ
