I reduced diesel price out of patriotism – Dangote

Dangote

I reduced diesel price out of patriotism – Dangote

Aliko Dangote, Nigerian billionaire and Africa’s richest man, has said patriotism was the driving force behind Dangote Petrochemical Refinery’s recent decision to crash the price of diesel.

On Tuesday, April 16, 2024, the company announced a reduction in the pump price of Automotive Gas Oil, popularly called diesel, from ₦1,200 to ₦1,000 per litre.

This is a further reduction after the refinery had adopted a substantial price cut when it rolled out the products at ₦1,200 per litre about four weeks ago, representing over a 30% reduction from the previous market price of about ₦1,600 per litre.

Speaking on the development over the weekend, Dangote assured Nigerians that the new price would be effective nationwide in a few days.

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He disclosed this during an interview with journalists in Gomber on Saturday, April 20, 2024.

The Executive Officer of Dangote Group noted that profiteers over time have taken advantage of the astronomical rise in diesel prices to fleece the Nigerians.

“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,” he said.

Dangote decried the activities of the profiteers while highlighting the expected impact of the price drop.

“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.” the billionaire stated.

I reduced diesel price out of patriotism – Dangote

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