Lagos, April 12, 2024 – Aliko Dangote, the Chairman of Dangote Group, says the N1, 200 per litre price of diesel at which Dangote Refinery is selling will help to curtail the inflationary trend in the country.
He said Dangote Refinery was deliberately selling diesel to distributors at N1,200 below the market rate of N1,650.
Dangote said this during a visit to President Bola Tinubu in Lagos on the occasion of the Eid-el-Fitr celebration.
He said that the significant reduction in the price to N1,200 would have a positive effect on inflation and the cost of goods and services in the country.
“I 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.
“There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about N1,900.
“But right now, we’re 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 they’re paying very high diesel prices.
“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.
“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,” Dangote said. (GBN)
