President Bola Tinubu has praised Dangote Oil and Gas Limited for slashing the price of Automotive Gas Oil (diesel), a move that is set to have a significant impact on the Nigerian economy.

In a statement released by Ajuri Ngelale, Special Adviser to the President on Media and Publicity, President Tinubu lauded the decision to reduce the price of diesel, which is widely used by industries and articulated vehicles for transportation purposes in Nigeria.

The reduction in diesel prices is expected to have a ripple effect on the cost of goods and services across the country, helping to alleviate the current high prices. Dangote recently announced a price cut from N1,650 to N1,000 per litre for a minimum purchase of one million litres, with a further discount of N30 per litre for purchases of five million litres and above.

Mr. Ngelale highlighted that this price adjustment represents a significant 60% decrease, showcasing Dangote’s commitment to supporting the Nigerian economy.

President Tinubu emphasized the importance of Nigerians and domestic businesses as key drivers of the nation’s economic prosperity. He also acknowledged the federal government’s 20% stake in Dangote Refinery and emphasized the value of partnerships between public and private entities in promoting the country’s overall well-being.

Encouraging Nigerians and businesses to prioritize the nation’s interests, President Tinubu assured them of a conducive and secure environment to thrive.

This move by Dangote Oil and Gas Limited, supported by President Tinubu, is a testament to the power of collaboration between the public and private sectors in driving economic growth and prosperity in Nigeria.