President Bola Ahmed Tinubu has commended the Dangote Group over its recent price reduction of Automotive Gas Oil (AGO), also known as diesel.

Ajuri Ngelale, Special Adviser to the President on Media & Publicity, disclosed this in a statement on Wednesday.

Recall that on Monday, the Dangote refinery reduced the diesel price to N1000 per litre from N1200.

Reacting to the price reduction, president Tinubu said the move would impact the prices of sundry goods and services.

“President Bola Tinubu commends the enterprising feat of Dangote Oil and Gas Limited in reducing the gantry price of Automotive Gas Oil (AGO), also known as diesel.

“The Group 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, as well as providing a discount of N30 per litre for an offtake of five million litres and above.

“The price review represents a 60 per cent drop, which will, in no small measure, impact the prices of sundry goods and services.

“The President affirms that Nigerians and domestic businesses are the nation’s surest transport and security to that glorious destiny of economic prosperity, noting the federal government’s 20 per cent stake in Dangote Refinery and why such partnerships between public and private entities are essential to advancing the overall well-being of the country.

“The President calls 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,” reads.

The development comes as headline and food inflation soared to 33.20 per cent and 40.01 per cent, respectively.

Manufacturers blamed the rising energy prices for the increased cost of goods nationwide.