In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.
While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.
This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.
Chairman of Dangote Group, Alhaji Aliko Dangote, stated last week that significant cut in the diesel price will have a positive effect on inflation in Nigeria.
He spoke in Lagos, after a visit to President Bola Tinubu during the Eid-el-Fitr.
Dangote stated that his refinery was offering diesel at N1,200, below the market rate of N1,650.
The further reduction of the price of diesel from 1200 to 1,000 naira per litre has elicited excitements across the country.