President Bola Tinubu commended Dangote Oil and Gas Limited for its decision to slash the gantry price of Automotive Gas Oil (diesel) from N1,650 to N1,000 per litre. This substantial reduction, representing a 60% drop, is lauded by Tinubu as an “enterprising feat” with significant potential to positively impact the prices of various goods and services.
In a statement released by his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu emphasized the vital role of Nigerians and domestic businesses in driving the nation towards economic prosperity. He highlighted the importance of partnerships between public and private entities, citing the Federal Government’s 20% stake in Dangote Refinery as a prime example.
Tinubu urged Nigerians and businesses to prioritize the nation’s interests, assuring them of a conducive, safe, and secure environment to thrive. This statement follows a recent meeting between Dangote and President Tinubu, during which Dangote predicted a reduction in inflation due to the cut in diesel pump prices.
Dangote, after meeting with President Tinubu, announced that his petroleum refinery had commenced selling diesel at ₦1,200 per litre, down from the previous price range of ₦1,650–₦1,700. He expressed optimism about Nigeria’s economic outlook, citing improvements in the naira’s value against foreign currencies and the resultant drop in the prices of locally-produced goods.
The reduction in diesel prices is expected to have a significant impact on local businesses, reducing their operational costs and, consequently, driving down inflation. Dangote urged industry leaders to collaborate with the government to enhance citizens’ livelihoods and contribute to the nation’s development.
