Dangote says diesel price reduction to cut Nigeria’s inflation

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Aliko Dangote, the chairman of Dangote Group, has revealed that his refinery’s initiative to sell diesel at discounted prices is poised to alleviate Nigeria’s inflation challenges. He shared this insight during an Eid-el-Fitr visit to President Bola Ahmed Tinubu at his residence in Lagos.

Speaking to reporters, Dangote highlighted the recent improvement in the naira exchange rate, which has transitioned from approximately N1,900 to the dollar to the current range of between N1,250 and N1,300. This positive development comes amid concerns over rising inflation rates, with February’s figures reaching 31.70 percent, as reported by the National Bureau of Statistics, compared to January’s rate of 29.90 percent.

Expressing optimism about the economic implications of discounted fuel pricing, Dangote anticipates that the reduction in fuel costs will contribute to a decline in inflation in the upcoming months.

Source: Business Day

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