The federal government says the reduction in the cost of automotive gas oil (AGO), also known as diesel, by Dangote refinery will impact prices of goods in the country.
On April 16, the refinery announced a price reduction for diesel, from N1,200 to N1,000 per litre.
The development comes days after Dangote refinery fixed the minimum volume of diesel that can be purchased by oil marketers at one million litres.
In a statement by Ajuri Ngelale, special adviser to the president on media on Wednesday, President Bola Tinubu commended the refinery over the reduction.
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He said the price review signifies a significant 60 percent decrease which will greatly affect the prices of various goods and services.
“The price review represents a 60 percent drop, which will, in no small measure, impact the prices of sundry goods and services,” Tinubu said.
The president said Nigerians and domestic businesses are the nation’s surest transport and security towards achieving economic prosperity.
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Citing the federal government’s 20 percent stake in Dangote refinery, Tinubu emphasised the importance of such collaborations between public and private sectors in advancing the country’s overall well-being.
Tinubu told Nigerians and businesses to prioritise the nation at this moment while assuring them of a conducive, safe, and secure environment to thrive.
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