BusinessHighlight

Pres. Tinubu commends Dangote Group over new gantry price of diesel

"The President noted that the price review resulted in a 60 percent drop, which will, in no small measure, impact the prices of sundry goods and services"

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President Bola Tinubu has applauded Dangote Oil and Gas Limited for reducing the gantry price of Automotive Gas Oil, also known as diesel, from N1,650 to N1,000 per litre.

Persecondnews recalls that the Dangote Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above.

The Nigerian leader, who described the move as an “enterprising feat,” said domestic businesses are the nation’s surest transport and security to the glorious destiny of economic prosperity.

In a statement titled ‘President Tinubu commends Dangote Group over the new gantry price of diesel,” Tinubu assured domestic business operators of a “conducive, safe, and secure environment to thrive.”

The statement signed by the Special Adviser on Media and Publicity, Chief Ajuri Ngelale, and obtained by Persecondnews quotes the President as saying that the price review represents a 60 percent drop, which will, in no small measure, impact the prices of various goods and services.

“The President affirms that Nigerians and domestic business are the nation’s surest transport and security to the glorious destiny of economic prosperity, noting the government’s 20 percent stake in Dangote refinery and why such partnerships between public and private entities are essential to advancing the overall well-being of the country.

“The President calls on all Nigerians and businesses to, at this time, put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive,” it said.

Persecondnews recalls that the Dangote refinery on Tuesday announced a reduction in the price of diesel from N1,200 to N1,000 per litre.

In a statement on Tuesday, the company said the significant reduction in the price of diesel is expected to positively affect all spheres of the economy and ultimately reduce the high inflation rate in the country.

“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 them at a substantially reduced price of N1,200 per litre three weeks ago, representing an over 30 percent reduction from the previous market price of about N1,600 per litre.”

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