Price Of Diesel Will Fall Below N1,000 By May

Eko Hot Blog reports that the Managing Director of Financial Derivatives Company Limited, Bismark Rewane, has predicted that the pump price of diesel would drop significantly in May with the commencement of diesel production at Dangote Refinery.

The renowned economist made this projection while appearing on Channels TV’s news bulletin.

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He forecasted that the price of diesel per litre would fall below N1,000 from the current price of N1,500.

Rewane who was reacting to recent economic decision of the president Bola Tinubu-led government explained that a significant drop in the pump price of diesel would positively impact the activities of bakers and cement makers who use diesel in their production processes.

Rewane said, “Well, on the retail side, it’s N1,500. Dangote refinery has already started putting diesel in the market and people are buying that. If it stays at N1100 and continues to go in that direction, this will help to bring down inflation significantly… prices will fall further below 1000 naira, thanks to Dangote.

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“The bakers for one because they are funding their furnaces and their ovens with diesel, you are gonna see that improve. So for cement manufacturers and bakers, this is good news.”