The founder and CEO of Dangote Refinery, Aliko Dangote, has attributed the recent drop in the price of Premium Motor Spirit (PMS), commonly known as petrol, to the introduction of the crude-for-naira swap deal by President Bola Tinubu.
This was disclosed in a statement on Saturday, shared on the X page (formerly Twitter) of Dangote Group.
Aliko Dangote stated that the mega refinery had partnered with MRS Oil to sell petrol at N935 per liter at its retail outlets nationwide.
Speaking on the development, Dangote praised Tinubu’s intervention in the deal, which resulted in the reduction of the product’s price across the country.
It should be recalled that Energy in Africa reported a reduction in petrol prices from N970 to N899.5 in its refinery for marketers, describing it as a “bonanza” for the yuletide period.
“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre,” Dangote said.
Dangote urges marketers to patronize the refinery
In further remarks, Africa’s richest man also encouraged other marketers and stakeholders to participate in the sale of its discounted products.
Dangote emphasized that this move would allow Nigerians to enjoy high-quality fuel at discounted prices.
“We call on NNPC Retail and other marketers to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.
“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high-quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets,” Aliko Dangote added.
Crude-for-Naira swap deal
In September 2024, the Federal Executive Council (FEC) announced approval for the crude oil-for-naira swap deal, allowing NNPC to sell its products to Dangote Refinery and other local refineries in naira.
The deal was finalized on October 1, enabling Dangote to also sell to other marketers in local currency.
The deal, mediated by Afreximbank, mandated NNPC to supply about four cargoes of crude oil to Dangote Refinery.
Conducting transactions in Naira instead of dollars would alleviate pressure on foreign exchange reserves, helping to stabilize the dollar-Naira exchange rate and curb inflation.
Reacting to the deal, Aliko Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry
