By Adewale Sanyaolu

In a move aimed at creating fair pricing for its products, Dangote Petroleum Refinery has again announced a further slash in the prices of both Automotive Gas Oil (AGO), popularly called diesel and aviation fuel(jet A1) to N940, N980 per litre respectively.

The slash is coming two weeks after the oil firm announced a price reduction from N1,200 to N1,000.

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

The price change to N940 applies to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.

Speaking on the development, the Head of Communication, Mr. Anthony Chiejina, explained that the new price is in consonance with the company’s commitment to cushion the effect of economic hardship in Nigeria.

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS oil and gas stations, to ensure that consumers get to buy fuel at an affordable price in all their stations, be it Lagos or Maiduguri. You can buy as low as one litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,” he said.

He further stated that the partnership will be extended to other major oil marketers. “The essence of this is to ensure that retail buyers do not buy at exorbitant prices. The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce the new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” he said.

The development marks the third major reduction in diesel price in less than three weeks when the product sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre.

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President Bola Tinubu, had earlier commended Dangote for the initial price reduction, describing it as an “enterprising feat.”

Commending the company’s efforts, Tinubu in a statement through his Special Adviser on Media and Publicity, Ajuri Ngelale, affirmed that Nigerians and domestic businesses are the nation’s surest transport and security to a glorious destiny of economic prosperity.

He acknowledged the importance of the federal government’s 20 per cent stake in Dangote refinery and why such partnerships between public and private entities are essential to advancing the overall well-being of the country.

“President Bola Tinubu commends the enterprising feat of Dangote Oil and Gas Limited in reducing the gantry price of Automotive Gas Oil (AGO), also known as diesel.

Tinubu called on 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.

Reacting to the latest development, The Director General of the Manufacturers Association of Nigeria (MAN), Mr. Ajayi Kadiri, said that “The decision of Dangote Refinery to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.”

He added that “The trickledown effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.

“The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation.”