Aliko Dangote, President of Dangote Industries Limited, has applauded President Bola Ahmed Tinubu for the positive impact of the naira-for-crude swap deal on Nigeria’s economy. He highlighted that the initiative has significantly reduced the prices of petroleum products across the country.
In response to Nigerians’ economic challenges, Dangote Refinery recently slashed the price of Premium Motor Spirit (PMS) from ₦970 to ₦899.50 per litre at its refinery loading gantry. In addition, the company introduced favourable credit terms for marketers.
To ensure that consumers benefit from this price reduction, Dangote Refinery has partnered with MRS to sell petrol at ₦935 per litre through its retail outlets nationwide. The discounted price has already taken effect in Lagos and will be rolled out across the country from Monday.
“We urge other oil marketers, including NNPC Retail and others, to collaborate with us so that Nigerians can access high-quality petrol at reduced prices,” Dangote said.
He reaffirmed the refinery’s commitment to serving Nigerians, stating, “The Dangote Refinery is for the benefit of Nigeria and its people. We will continue to work with stakeholders to deliver premium petroleum products that are good for vehicles, health, and pockets.”
The naira-for-crude swap deal, approved by the Federal Executive Council in September and implemented on October 1, allows local refineries to purchase crude oil in naira and sell refined products in naira. This policy has reduced pressure on the dollar, stabilised the naira, and enhanced the domestic refining sector.
Dangote expressed gratitude to Nigerians for their support and commended the government for creating a favourable environment for local refining. He assured that Dangote Refinery would remain dedicated to improving the accessibility and affordability of fuel for all Nigerians.
