In a statement released Wednesday in Abuja by the President’s Special Adviser on Media and Publicity, Chief Ajuri Ngelale, President Bola Tinubu has commended Dangote Oil and Gas Limited for reducing the price of Automotive Gas Oil (AGO), also known as diesel. Tinubu sees this price reduction as a significant step towards achieving the long-awaited economic prosperity for Nigeria and its domestic businesses.
Diesel is widely used in Nigeria, particularly by industries and articulated vehicles for transporting goods across the country. A reduction in diesel prices will have direct implications on the prices of goods and services nationwide, thereby helping to alleviate the current price hikes.
Dangote’s recent decision to decrease the price of AGO from ₦1,650 to ₦1,000 per litre for a minimum of one million litres, along with offering a discount of ₦30 per litre for off-takes of five million litres and above, represents a 60% drop, according to Ngelale. This initiative is expected to have a significant impact on production and transportation costs for many businesses, thereby stimulating economic activity.
It is worth noting that the federal government holds a 20% stake in the Dangote Refinery. This collaboration between public and private entities, the president emphasizes, is crucial for advancing the overall well-being of the country. By calling on Nigerians and businesses to prioritize national interests, the president also assures a conducive, safe, and secure environment to thrive.
Tinubu emphasized that Nigerians and domestic businesses are the drivers of the country’s economic prosperity, and initiatives such as Dangote’s diesel price reduction are essential to spur economic growth and create opportunities for all.
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