President Bola Ahmed Tinubu has praised the Dangote Group for its recent decision to slash the price of Automotive Gas Oil (diesel), a move that is expected to have a significant impact on the prices of various goods and services.

In a statement released by Ajuri Ngelale, Special Adviser to the President on Media & Publicity, President Tinubu commended Dangote Oil and Gas Limited for reducing the price of diesel from N1200 to N1000 per litre at their refinery. This price reduction represents a 60% drop and is expected to benefit consumers and businesses alike.

President Tinubu emphasized the importance of partnerships between public and private entities, highlighting the federal government’s 20% stake in Dangote Refinery. He urged Nigerians and businesses to prioritize the nation’s economic prosperity and assured them of a conducive and secure environment to thrive.

The decision to lower diesel prices comes at a crucial time as headline and food inflation rates have surged to 33.20% and 40.01%, respectively. Manufacturers have attributed the rising cost of goods to the increasing energy prices across the country.

This move by the Dangote Group is a significant step towards alleviating the financial burden on consumers and businesses, and President Tinubu’s recognition of their efforts underscores the importance of collaboration in driving economic growth and well-being in Nigeria.