President Bola Tinubu on Wednesday commended the enterprising feat of Dangote Oil and Gas Limited in reducing the gantry price of Automotive Gas Oil (
President Bola Tinubu on Wednesday commended the enterprising feat of Dangote Oil and Gas Limited in reducing the gantry price of Automotive Gas Oil (AGO), also known as diesel, by as much as 60%.
The president of the Group, Aliko Dangote recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product. The company is also providing a discount of N30 per litre for an offtake of five million litres and above.
While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.
This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.
The price review, according to the President, represents a 60 percent drop, which will, in no small measure, impact the prices of sundry goods and services.
Tinubu noted that Nigerians and domestic businesses are the nation’s surest transport and security to that glorious destiny of economic prosperity.
The President, while harping on the federal government’s 20 percent stake in Dangote Refinery, noted that such partnerships between public and private entities are essential to advancing the overall well-being of the country.
The President therefore, called on Nigerians and businesses to, at this time, put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.
Dangote Petroleum Refinery had, earlier in January, commenced production of diesel and aviation fuel.
Announcing the commencement in a statement, the company said the refinery had received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore.
The first crude delivery was done on 12 December 2023, and the 6th cargo was delivered on 8 January.
The first cargo that arrived at the plant was from Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria and globally, trading over 8 million barrels of crude oil daily.
The company made a further move towards the commencement of the production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Company (NNPC Ltd).
