The cut in diesel price by the Dangote Refinery will reduce inflation, President of Dangote Group, Alhaji Aliko Dangote, said yesterday.
He believes with the cost of diesel dropping to N1,200 from N1,650, the inflation rate will further drop.
In February, the headline inflation rate increased to 31.70 per cent relative to the January 2024 rate, which was 29.90 per cent, according to the National Bureau of Statistics.
Dangote spoke with reporters after paying an Eid-el-Fitr homage to President Bola Ahmed Tinubu at his Lagos home.
He said Dangote Refinery had been selling diesel at N1,200 per litre as against the market price of N1,650 – N1,700.
The industrialist was optimistic about the prospects of the pricing for the economy.
He noted the improvement in the naira to dollar exchange rate, which he said, is already having a positive impact, with the price of locally-produced goods such as flour dropping as businesses pay less for diesel.
He expects this dramatic reduction in fuel costs to help drive down inflation in the coming months.
Dangote said: “I believe that we are on the right track.
