President Bola Tinubu has commended Dangote Oil and Gas Limited for reducing the gantry price of Automotive Gas Oil (diesel) from N1,650 to N1,000 per litre, describing the move as an “enterprising feat.” The price reduction represents a significant 60% drop, which Tinubu believes will positively impact the prices of various goods and services.
In a statement released by his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu emphasized the importance of Nigerians and domestic businesses in driving economic prosperity. He also highlighted the essential role of partnerships between public and private entities, citing the Federal Government’s 20% stake in Dangote Refinery as an example.
Tinubu called on Nigerians and businesses to prioritize the nation’s well-being and assured them of a conducive and secure environment to thrive. His statement follows a recent meeting between Dangote and President Tinubu, during which Dangote expressed optimism about a drop in inflation due to the reduction in diesel pump prices.
Dangote explained that the price reduction in diesel, coupled with the appreciation of the naira in the foreign exchange market, would contribute to lowering inflation. He highlighted the impact of reduced fuel costs on locally-produced goods, such as flour, and urged industry leaders to collaborate with the government to improve citizens’ lives.