According Ajaparep, Aliko Dangote, the President of the Dangote Group, has expressed optimism that the recent significant reduction in diesel pump prices will contribute to lowering inflation rates in Nigeria….CONTINUE READING
Speaking to journalists in Lagos after paying Eid-el-Fitr homage to President Bola Tinubu, Dangote highlighted the potential impact of decreased fuel costs on the economy.
Dangote revealed that his petroleum refinery has started selling diesel at ₦1,200 per litre, a notable drop from the previous price range of ₦1,650 to ₦1,700 per litre.
This reduction, he believes, will have immediate positive effects on inflation as it lowers operational costs for businesses, particularly those involved in local production……CONTINUE READING
The renowned businessman emphasized that the improved value of the naira against foreign currencies, with exchange rates dropping from ₦1,900/$ to ₦1,250 – ₦1,300, has contributed to this positive shift.
As a result, the cost of locally-produced goods like flour has begun to stabilize, driven by lower diesel expenses.
Dangote asserted that the decrease in diesel prices will translate into cost savings for businesses engaged in transportation and production.
By paying less for fuel, these enterprises can lower their operational expenses, leading to reduced prices for consumers and ultimately contributing to a decline in inflation rates.
Dangote expressed confidence that the forthcoming inflation figures will reflect these positive changes.
