In a move that is expected to have a broad positive impact on the economy, Dangote Petroleum Refinery has made a substantial cut in the price of diesel, bringing it down from N1,200 to N1,000 per litre.
The refinery’s decision, detailed in a recent statement, is anticipated to contribute to the reduction of the country’s high inflation rate.
This announcement comes on the heels of a previous price drop three weeks prior, when the cost was lowered from N1,600 to N1,200 per litre.
The latest price reduction appears to align with the Federal Government’s policy to sell crude oil to local refineries like Dangote’s in the national currency, Naira, which may have facilitated this move.
The statement reads: “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 spheres of the economy and ultimately reduce the high inflation rate in the country.”
