President Bola Tinubu on Wednesday commended Dangote refinery for reducing the price of Automotive Gas Oil (AGO), also known as diesel.
Dangote refinery had on Tuesday announced a reduction in the price of diesel from N1,200 to N1,000 per litre.
The company, 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.
Commending the companyโs efforts on Wednesday, Mr Tinubu, in a statement through his Special Adviser on Media and Publicity, Ajuri Ngelale, affirmed that Nigerians and domestic businesses are the nationโs surest transport and security to a glorious destiny of economic prosperity.
He acknowledged the importance of the federal governmentโs 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.
โPresident 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.
โThe Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above.
โThe price review represents a 60 per cent drop, which will, in no small measure, impact the prices of sundry goods and services,โ the statement said.
Mr 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.
Dangote Petroleum Refinery had, earlier in January, commenced production of diesel and aviation fuel.
Announcing the commencement in a statement, the company said the refinery had received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore.
The first crude delivery was done on 12 December 2023, and the 6th cargo was delivered on 8 January.
The first cargo that arrived at the plant was from Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria and globally, trading over 8 million barrels of crude oil daily.
The company made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company (NNPC Ltd).
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