Adebayo Adenrele
The richest man in Africa, Alhaji Aliko Dangote has said reduction in the price of diesel at his refinery will bring down inflation.
The business mogul said the cut in its price from N1650 to N1200 will lift burden on Nigerians, which is a quota of his intentions to heal the country from economic paralysis.
Dangote stated this when he visited President Bola Tinubu at his Lagos residence during the Eid-Al-Fitr celebration.
He said, “What we did in our refinery, we started selling diesel for 1,200 per litre from about 1,650.
“Even though the crude prices are going up, I believe people will not get it much higher than what it is today.
“N1,200 is a little bit lower but that can help a lot because if you are transporting locally produced stuffs, it is a log difference compared to 1650.
“That can actually help to bring inflation down greatly and I am sure when inflation figures are out for next month, you will see there will be a lot of improvement.”