Dangote refinery in a statement issued on Tuesday has disclosed that the price of Automotive Gas Oil (AGO), popularly known as diesel, has been reduced from N1,200 per litre to N1,000 per litre. The statement reads in part, “In an unprecedented move, Dangote Petroleum Refinery has announced further reduction of the price of diesel from 1,200 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.”
Last week, the owner of the refinery and Africa’s richest man, Aliko Dangote said, “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 aggressively up to about N1,900.”
In May 2023, former President Muhammadu Buhari inaugurated the 650,00 barrels per day (bpd) capacity petroleum refinery.
