The President of the Dangote Group, Aliko Dangote, on Wednesday, in Lagos, said Nigerians should expect a drop in inflation given the reduction of diesel pump prices by two-thirds.

“In our refinery, we started selling diesel at about ₦1,200 for ₦1,650 and I’m sure as we go along…this can help to bring inflation down immediately,” [/i]Dangote told journalists after he paid Eid-el-Fitr homage to President Bola Tinubu at his residence.

The businessman said his petroleum refinery had been selling diesel at ₦1,200 per litre, compared to the previous price of ₦1,650 – ₦1,700.

He expressed hopes that Nigeria’s economy will improve, as the naira has made some gains in the foreign exchange market, dropping from ₦1,900/$ to the current level of ₦1,250 – ₦1,300.


Dangote said this rise in value has sparked a gradual drop in the price of locally-produced goods such as flour, as businesses are paying less for diesel. Therefore, the reduced fuel costs would drive down inflation in the coming months, he asserted.

“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.

[i]“But right now, we’re back to almost ₦1,250, ₦1,300, which is a good reprieve. Quite a lot of commodities went up. When you go to the market, for example, something that we produce locally like flour, people will charge you more. Why? Because they’re paying very high diesel prices.


“Now, in our refinery, we started selling diesel at about ₦1,200 instead of ₦1,650 and I’m sure as we go along, things will continue to improve quite a lot,” Dangote stated.

He argued that the reduced diesel price has had “a lot of impact.”

Dangote explained, “If you look at it now, when you are buying ₦1,650 or ₦1,700 for a litre of diesel, and that one has been cut off by almost two-thirds, you are now paying ₦1,200 for diesel.

“Maybe, going forward, even though the crude prices are going up, I believe people will not get it much higher than what it is today, ₦1,200. It might be even a little bit lower, but that can help quite a lot because if you are transporting locally-produced goods and you were paying ₦1,650, now you are paying two-thirds of that amount, ₦1,200. It’s a lot of difference. People don’t know.

“This can help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you’ll see that there’s quite a lot of improvement in the inflation rate. So step at a time. And I’m sure the government is working around the clock to make sure that things get much better.”

He said reduced inflation is in the best interest of the government and Nigerians.

Therefore, he urged captains of industry to partner with the government to improve the lives of the citizens.

“You can’t clap with one hand,” he said, adding, “So, both the entrepreneurs and the government, they need to clap together and make sure that it is in the best interest of everybody.”

Source: https://punchng.com/Falling-diesel-pump-price'll-reduce-inflation-says-Dangote

Will Nigerians cooperate?

Everyone got diesel when dollar was N1900.

Tinubu and his friends now determine when Nigerians shud breathe

That should be true ordinarily

That's normal common sense.

Dangote says we're on the right track; he is the richest man and number one indigenous investor in Nigeria.

... but there are some godforsaken people on this nairaland who always think and wish Nigeria is doomed. They don't invest anything into the economy, they are lazy and ignorant, they are liability and they are number one enemies of progress. The only thing they know how to do is to always speak evil of Nigeria. Such people can never achieve any good in life.

It isn't a curse; it's a reality.

Expecting this since

An increase in electricity tariff by 350% will double inflation. 60% of Manufacturers declared losses the previous year and there is no visible change from the system that will return them to profitability except price increase.

Our only hope is on farmers and the next harvest.

Don't forget, there will be a new minimum wage regime by June where salaries may jump up by 100% and minimum wage may be pegged to 300% of what it is today.

See them below with their fake female monicker. Obidient Ipob nothing positive can happen to Nigeria from their bigoted horizon.

Geometry start producing electricity in Aba that is the best thing after slice bread because the man is Igbo.

Dangote start refining crude in Lagos it's a lie their dead father uncle cousin retarded nephew says Dangote Refinery won't work till 6070 he is only reselling imported product.

This is aside the fact that Dangote Refinery is 100 bigger an initiative n investment compare to geometry. Now Dangote is selling it product at reduced price yet they claim it can not do any help to Nigeria.

This are undeniable undisputable facts NL or it mod don't want exposed but those hateful souls are ever present here on Nairaland, make I no mention names but you all know them.

richiemcgold:
Dangote says we're on the right track; he is the richest man and number one indigenous investor in Nigeria.

... but there are some godforsaken people on this nairaland who always think and wish Nigeria is doomed. They don't invest anything into the economy, they are lazy and ignorant, they are liability and they are number one enemies of progress. The only thing they know how to do is to always speak evil of Nigeria. Such people can never achieve any good in life.

It isn't a curse; it's a reality.

MadamExcellency:
An increase in electricity tariff by 350% will double inflation. 60% of Manufacturers declared losses the previous year and there is no visible change from the system that will return them to profitability except price increase.

Our only hope is on farmers and the next harvest.

Don't forget, there will be a new minimum wage regime by June where salaries may jump up by 100% and minimum wage may be pegged to 300% of what it is today.

We need to see the actions, we have been hearing what to expect for too long.

Pls Aliko Dangote help Nigerians by dropping the price of diesel to 700 Naira. N1,200 is too high.
Like the way Allen Onyema of Air peace did in the Aviation sector, pls do it for us in the Petroleum sector.
Thank you..

Abeg, make the diesel price still come down small

Yeah. Common sense

Anything for the common man is highly acceptable

I pray....



I even prefer Subsidy on Diesel than Petrol bkuz na him all this manufacturing company dey use and na Diesel Dem go still use distribute market....

You're doing your quota,may 🇳🇬 be great again,,cutting down on oil importation will boost our economy and provide more jobs.

That refinery was built with the Nigerian money, it does not belong to dangote

We pray it does.

Definitely.
When will it be reduced to a reasonable price?

Definitely.
When will it be reduced to a reasonable price?
For me, the price is still high

Definitely.
When will it be reduced to a reasonable price?
For me, the price is still high
Dangote, you can still do more

Definitely.
When will it be reduced to a reasonable price?
For me, the price is still high
Dangote, you can still do more
Take it down to ₦650

MadamExcellency:
An increase in electricity tariff by 350% will double inflation. 60% of Manufacturers declared losses the previous year and there is no visible change from the system that will return them to profitability except price increase.

Our only hope is on farmers and the next harvest.

Don't forget, there will be a new minimum wage regime by June where salaries may jump up by 100% and minimum wage may be pegged to 300% of what it is today.

Are you sure about this?

atobs4real:
Definitely.
When will it be reduced to a reasonable price?
For me, the price is still high
Dangote, you can still do more
Take it down to ₦650

80 naira

Please God send us who can do a Air Peace on Dangote hold on Nigeria.

Do it asap. No be English we go chop

God Bless Nigeria beyond our expectations.

Excellent

But reduce to below a 1000 , sir

Can this greedy MAN learn from AIRPEACE?


Let all Nigerians accroas divides including the IPOB OSU terrorists that hate you celebrate you for once!

Don't be too greedy

Most people don't know this, but the price of diesel really really determines the price of goods in Nigeria. If it can drop to below 1k, prices of many commodities will drop too