In a statement released on Wednesday, Special Adviser to the President on Media & Publicity, Ajuri Ngelale, revealed President Bola Ahmed Tinubu’s appreciation for the recent price cut in Automotive Gas Oil (diesel) by the Dangote Group.
The Dangote refinery, on Monday, lowered the diesel price from N1200 to N1000 per litre.
President Tinubu remarked that this reduction will have an impact on the costs of various goods and services.
He commended Dangote Oil and Gas Limited for decreasing the gantry price of diesel from N1,650 to N1,000 per litre for purchases of over one million litres. Additionally, a discount of N30 per litre is provided for orders of five million litres or more.
Highlighting the significance of the 60% price reduction, President Tinubu emphasized its positive effect on the prices of goods and services.
He stressed the importance of public-private partnerships like the government’s 20% stake in Dangote Refinery in fostering the nation’s economic growth.
Encouraging Nigerians and businesses to prioritize national interests, he assured them of a supportive environment for growth and success.
The announcement comes as headline and food inflation rates have risen to 33.20% and 40.01%, respectively, with industry experts attributing the spike in costs to soaring energy prices nationwide.