By Ayomide Otitoju
The Dangote Refinery has announced a partnership with MRS to retail Premium Motor Spirit (PMS), commonly known as petrol, at ₦935 per litre across its outlets nationwide. This development follows a similar move by the Nigerian National Petroleum Company Limited (NNPCL), which recently reduced PMS prices to below ₦1,000 per litre.
In a statement shared on his X account on Saturday, Aliko Dangote, President of Dangote Industries Limited, commended President Bola Tinubu for the positive effects of the naira-for-crude swap deal on the Nigerian economy. The policy, approved by the Federal Executive Council (FEC) in September and implemented on October 1, allows local refineries to purchase crude oil in naira and sell petroleum products in the same currency. This initiative has eased pressure on the dollar and contributed to the stability of the naira.
Price Reductions and New Partnership
Dangote Refinery recently slashed the price of PMS from ₦970 to ₦899.50 at its refinery loading gantry, offering generous credit terms to marketers to ensure these reductions benefit end consumers.
“To further this effort, we have partnered with MRS to sell petrol nationwide at ₦935 per litre,” the statement read. Dangote also urged other oil marketers, including NNPC Retail, to join the initiative, ensuring Nigerians access affordable, high-quality fuel.
Commitment to Nigerians
Aliko Dangote reiterated the refinery’s mission to serve the nation’s interests. “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will continue collaborating with value chain players to deliver high-quality petrol at cheaper prices,” he stated.
“Our aim is for all Nigerians to have ready access to fuel that is good for their vehicles, their health, and their pockets,” he added.
Economic Impact of the Naira-for-Crude Policy
The naira-for-crude swap deal has significantly impacted the petroleum sector by reducing reliance on foreign exchange for crude purchases and stabilizing fuel prices. According to industry experts, the policy has provided much-needed relief to consumers and supported broader economic stability.
With the new partnership and continued price reductions, the Dangote Refinery remains at the forefront of efforts to provide affordable energy solutions for Nigerians.
