Dangote signals imminent diesel price reduction, cites patriotism

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In a move likely to bring relief to Nigerians grappling with high fuel costs, Aliko Dangote, CEO of Dangote Group, hinted at a significant nationwide reduction in diesel prices. During a recent interview with journalists in Gombe, Dangote suggested that diesel would be sold at N1,000 per litre within days.

Dangote framed the price reduction as a patriotic move by his company, countering profiteering in the industry. He emphasized the crucial role diesel plays in the Nigerian economy, given its widespread use across various sectors.

He said, “It’s to demonstrate that we are very patriotic. When we look at it, diesel affects the lives of everybody. We looked at it to see how we could bring the cost down.”

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Explaining further the possible impact of the price drop, Dangote decried the activities of profiteers, adding, “Some persons have held the business for a very long time; they were profiteering, but we decided that we could afford to sell it at N1000, which is a 60 per cent drop.

“Areas like here (Gombe), Borno, Bauchi, it was selling for N1,700–N1,800, but right now, in the next few days, you will not buy diesel for more than N1000 anywhere in Nigeria.”

This price cut, if implemented, could have a positive ripple effect, potentially reducing transportation costs and subsequently impacting the prices of goods and services.

However, it’s important to note that Dangote’s statement doesn’t constitute official confirmation from Dangote Group. Further announcements from the company are needed to solidify the details and timeline of the price reduction.