Dangote claims that the decision to lower the price of diesel was driven by patriotism

Apr 23, 2024 | Business | 0 comments

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

On Tuesday, April 16, 2024, the company announced a reduction in the pump price of Automotive Gas Oil, commonly called diesel, from ₦1,200 to ₦1,000 per litre. This represents a further reduction after the refinery had initially rolled out the products at ₦1,200 per litre about four weeks ago, marking 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. He made these statements during an interview with journalists in Gombe on Saturday, April 20, 2024.

The Executive Officer of Dangote Group emphasized that profiteers had taken advantage of the astronomical rise in diesel prices to exploit 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 profiteers’ activities 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 percent drop.

“In areas like 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.

Dangote also addressed the challenges of doing business in the Northeast, indicating that his company is exploring the possibility of investing in cement in Gombe State to address the high cost of transporting the product to the Northeast region. “We are looking at the options of investing in cement in the state. The state should be one of the major producers of cement because there is no cement factory in the entire North-East.

“This is a very lucrative area because you are close to neighboring states like Borno, where you can easily go to Cameroon and Chad.

“If you produce 20 times what you are producing, it will be consumed. We are spending billions of naira to bring cement to the North-East. We have the limestone and others here; if we have the opportunity, we definitely will invest,” he added.

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