April 17, 2024

Diesel price slash ‘ll help bring inflation down — Aliko Dangote

Diesel price slash ‘ll help bring inflation down — Aliko Dangote

Chairman of Dangote Group, Alhaji Aliko Dangote, has said that his refinery’s capacity to sell diesel at greatly reduced prices would offer immediate relief to Nigeria’s inflation challenges.

Recall that on Tuesday, Dangote Petroleum Refinery announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

This follows months of relatively high price of diesel, due mainly to the importation of the product from the global market and foreign exchange crisis associated with it.

Speaking recently on the impact of the reduction in price, Dangote said, “And you can see quite a lot of things have actually gone up. Even people now when you go to the market, for example, something that we produce locally, like flour or whatever, people will charge you more. Why? Because they’re paying very high prices on diesel.

“Eventually going forward, even though the crude prices are going up, even with that, I believe people will not get it much higher than what it is today.

“That can actually help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you see that there’s quite a lot of improvement in the inflation rate.

“So one step at a time. And I’m sure the government is working around the clock to make sure that things get much better.

“Because it’s in their own interest. It’s in the interest of everybody, It’s in our own interest, and I just want to thank everybody for the Nigerians to get things better.”

Vanguard News