Dangote Partners To Slash Fuel Prices

Dangote Partners To Slash Fuel Prices

Aliko Dangote, President of Dangote Industries Limited, has praised President Bola Ahmed Tinubu for the favorable impact of the naira-for-crude swap initiative on Nigeria’s economy, which has resulted in a decrease in petroleum product prices…READ MORE…

In a bid to alleviate the financial burden on Nigerians, Dangote has recently lowered the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its refinery loading facilities and is offering favorable credit terms to marketers.

“To ensure that this price reduction reaches the end consumer, we have partnered with MRS to sell petrol through its retail outlets nationwide at N935 per litre,” he stated. This price adjustment has already been implemented in Lagos and will be expanded nationwide starting Monday.

He further urged other oil marketers, including NNPC Retail and others, to collaborate with them to ensure that Nigerians receive high-quality petrol at affordable prices.

In his statement, he emphasized, “The Dangote Refinery is dedicated to benefiting Nigeria and its citizens. We will continue to collaborate with various stakeholders to deliver premium petrol at lower costs. Our goal is to ensure that all Nigerians have ready access to high-quality petroleum products that are beneficial for their vehicles, their health, and their finances.”

It is noteworthy that in September, the Federal Executive Council (FEC), under President Tinubu’s leadership, approved the sale of crude oil to local refineries in Naira, structuring the purchase of petroleum products in the same currency. This initiative, which took effect on October 1, has eased the pressure on the dollar and enhanced the stability of the local currency.

Dangote also expressed gratitude to Nigerians for their steadfast support and to the government for fostering a conducive environment for the domestic refining sector.

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