In a groundbreaking initiative aimed at easing the financial burden on Nigerians, Dangote Refinery has announced a partnership with MRS to sell Premium Motor Spirit (PMS) at a reduced price of N935 per litre nationwide through its retail outlets. This move comes as part of a broader effort by Dangote Industries Limited to ensure that recent price reductions in petroleum products are felt directly by consumers across the country.
Aliko Dangote, the President of Dangote Industries Limited and a foremost entrepreneur, lauded President Bola Ahmed Tinubu for the transformative impact of the naira-for-crude swap deal on the nation’s economy. He highlighted that the policy, which allows the sale of crude oil to local refineries in naira and the subsequent purchase of refined products in naira, has significantly eased the pressure on foreign exchange rates and contributed to stabilizing the local currency.
As part of this initiative, Dangote Refinery recently reduced the ex-depot price of PMS from N970 to N899.50 at its loading gantry, offering marketers more favorable credit terms to support the price adjustment.
“To ensure this reduction benefits consumers directly, we have partnered with MRS to retail petrol at N935 per litre across their outlets nationwide,” Dangote stated. “This price is already effective in Lagos and will be available across the country starting Monday.”
He further called on other oil marketers, including NNPC Retail and independent marketers, to collaborate with Dangote Refinery in delivering high-quality petrol at discounted prices. “The Dangote Refinery is for the benefit of Nigeria and Nigerians,” he emphasized. “We remain committed to working with value chain players to provide affordable, high-quality petroleum products that are good for vehicles, health, and the economy.”
This development comes on the heels of the Federal Executive Council’s (FEC) approval in September for the naira-for-crude swap policy, which took effect on October 1. The policy has been widely praised for reducing the reliance on the dollar in petroleum transactions and fostering a conducive environment for the domestic refining industry.
Dangote expressed gratitude to Nigerians for their unwavering support and to the government for creating policies that enable the growth of the local refining sector. He reiterated his commitment to ensuring that the benefits of the Dangote Refinery, a monumental investment in the nation’s energy sector, are fully realized by every Nigerian.
With this strategic partnership, Dangote Refinery continues to set the pace in revolutionizing Nigeria’s downstream petroleum sector, providing relief to citizens, and bolstering the country’s economy.
