The founder of Dangote Group, Aliko Dangote, has explained the reasons behind the recent reduction in Premium Motor Spirit (PMS) prices.
He attributed the cut to the success of the Naira-for-Crude initiative, launched by President Bola Tinubu’s administration.
According to Dangote, the initiative, which began on October 1, has allowed the Nigerian National Petroleum Company (NNPC) to sell crude oil to local refineries in naira. This move, he said, has helped stabilize the naira by reducing pressure on the dollar. The Dangote refinery, in partnership with MRS Oil Nigeria Plc, has subsequently reduced petrol prices to N935 per litre.
Dangote further emphasized that the initiative was designed to ease the financial burden on Nigerians while ensuring access to high-quality fuel. “This price reduction will reach consumers nationwide starting Monday, and it is part of our commitment to delivering affordable, top-quality petrol,” Dangote said in a statement.
The Dangote Refinery aims to improve the availability and affordability of petroleum products in Nigeria. It continues to collaborate with various stakeholders in the oil and gas sector to make quality fuel accessible at cheaper rates. Dangote called on other marketers to join efforts and ensure Nigerians benefit from this price reduction.
The agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to lift petrol and diesel directly from Dangote Refinery is expected to further stabilize the local market.
