Currently, reports have it that the Dangote Petroleum Gas oil(AGO), locally known as diesel, has been reduced from its initial price of N1200 per litre to N1000 per litre. This is following the refinery’s promise two weeks back.
Alhaji Aliko Dangote, the chairman of the Dangote Group, announced that the Dangote refinery will begin selling AGO, also known as diesel at a reduced rate of N1000 from N1200. This is the company’s way of reducing the country’s inflation rate.
In his words, he said:
“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,”
The chairman, Aliko Dangote, who is also one of the wealthiest businessmen in Africa, has linked the increase in the cost of products in Nigeria to the depreciation of naira in the foreign exchange market but assured that as naira’s resurgence continues, he promised that the price of diesel will decrease.
According to the National Bureau of Statistics (NBS), the price of diesel has increased by 50.20% year over year. The NBS showed the diesel price database from February 2024. In the under review, the average price of diesel in the country was N1,257.06 per litre, with some states selling it at N1500 per litre.
After several postponements after its inauguration in May 2023, the Dangote refinery began supplying aviation fuel and diesel to different marketers two weeks ago at the rate of N1225 per litre.
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