In an unprecedented move, Dangote Petroleum Refinery has announced further reduction of the price of diesel from ₦1200 to ₦1,000 naira per litre.

While rolling out the products, the refinery supplied at a substantially reduced price of ₦1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about ₦1,600 per litre.

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

Last week, Africa’s richest man and the owner of the refinery, Aliko Dangote, said Nigerians should expect a drop in inflation given the reduction of diesel pump prices.

“I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1,900,” he had said.