The president of Dangote Industries Limited, Aliko Dangote, has praised President Bola Tinubu for a favorable deal that allows Nigeria to trade crude oil for naira, the country’s currency. This deal has had a positive effect on the economy, particularly by lowering the prices of fuel products available to citizens.
As part of recent developments, Dangote’s refinery is working with MRS Petrol Station to sell petrol at a price of N935 per liter across the country. This initiative was shared on social media today. The goal is to ensure that consumers benefit from this price drop.
On Thursday, the Dangote refinery, which has the capacity to process 650,000 barrels of oil each day, reduced its petrol price by N71, bringing the cost down to N899.50 for approved distributors. They are also offering credit options to make it easier for these marketers to purchase fuel.
This price drop has sparked competition among fuel sellers in Nigeria. For example, the National Nigerian Petroleum Company Limited has also lowered its petrol price to N899 per liter to keep up with the market.
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In a statement, Dangote emphasized the importance of the crude-for-naira deal that President Tinubu implemented, which has helped to decrease petrol prices across the country. He mentioned that they are committed to providing relief to Nigerians, which is why the price of a popular fuel called Premium Motor Spirit was recently lowered from N970 to N899.50 at their loading facility.
To make sure that customers receive this lower price, the partnership with MRS will allow petrol to be sold at N935 per liter in their petrol stations. This change is already underway in Lagos and will be rolled out to additional locations nationwide starting Monday.
Dangote has also reached out to other fuel marketers, including NNPC retail, asking them to collaborate in delivering high-quality petrol at competitive prices for the benefit of Nigerians. His vision for the Dangote Refinery is to ensure that everyone in Nigeria has access to good-quality fuel that is affordable, beneficial for their vehicles, and ultimately good for their finances.
It’s important to note that this initiative ties in with a previous decision by the Federal Executive Council, led by President Tinubu, which approved trading crude oil for naira and buying petrol with naira, starting from October 1. This move has helped ease the demand for US dollars in the economy and contributed to stabilizing the value of the naira.
Lastly, Dangote expressed gratitude to Nigerians for their continued support, as well as to the government for creating a favorable environment for local oil refining.
