Emmanuel OchayiThe Dangote Refinery announced a strategic partnership with MRS to sell Premium Motor Spirit (PMS), commonly known as petrol, at ₦935 per litre nationwide. This initiative is aimed at ensuring that recent price reductions reach Nigerian consumers directly through retail outlets across the country.
In a statement on Saturday, Aliko Dangote, President of Dangote Industries Limited, highlighted the impact of the federal government’s naira-for-crude swap deal on petroleum prices. “To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit from ₦970 to ₦899.50 at its refinery loading gantry and provided generous credit terms to marketers,” the statement said.
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The partnership with MRS marks a significant step toward making petrol more affordable for Nigerians. According to the statement, the ₦935 per litre price has already been implemented in Lagos and will be extended nationwide starting Monday.
“This collaboration ensures that the reduced price reaches end consumers directly,” the statement added. Dangote also called on other marketers, including NNPC Retail, to join the initiative to offer high-quality petrol at discounted rates.
Supporting Nigeria’s Economy
Dangote commended President Bola Tinubu for the naira-for-crude swap policy, which he credited with reducing the cost of petroleum products and stabilizing the local currency. “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will continue to work with various value chain players to deliver high-quality petrol at cheaper prices,” he stated.
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The move aligns with the Federal Executive Council’s decision in September to approve the sale of crude to local refineries in naira. The policy, implemented on October 1, has reduced pressure on the dollar and provided relief for the economy.
Consumer-Friendly Approach
Dangote underscored the refinery’s commitment to ensuring Nigerians have access to affordable, high-quality petroleum products. “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,” he said.
The partnership and price adjustment reflect an effort to ease the financial burden on Nigerians while fostering collaboration across the oil and gas sector.
Market Implications
This development follows the Nigerian National Petroleum Company Limited’s recent reduction in petrol prices below ₦1,000 per litre. Industry experts believe that the growing competition among marketers will further stabilize fuel prices, benefiting consumers.
The Dangote Refinery’s move to collaborate with MRS and encourage participation from other marketers is expected to set a new benchmark in the downstream oil sector.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
