The Dangote Refinery has announced a partnership with MRS to sell petrol at ₦935 per litre across its retail outlets nationwide. This move comes shortly after the Nigerian National Petroleum Company Limited (NNPCL) slashed fuel prices below ₦1,000 per litre, sparking what seems to be a battle for consumer favour.
In a statement posted on his X account on Saturday, Aliko Dangote, the President of Dangote Industries Limited, showered praises on President Bola Tinubu for his so-called “naira-for-crude swap deal.” Dangote claims the policy has positively impacted the Nigerian economy, resulting in the reduction of fuel prices.
To provide “relief” to Nigerians, Dangote announced that petrol prices at its Refinery loading gantry were reduced from ₦970 to ₦899.50. Generous credit terms were also extended to marketers. And to ensure these price cuts reach consumers, a partnership was signed with MRS to sell petrol at ₦935 per litre nationwide, starting in Lagos and rolling out across the country from Monday.
In the statement, Dangote called on other oil marketers, including NNPC Retail, to join the initiative and make high-quality petrol available to Nigerians at lower prices. He assured the public that the Dangote Refinery was established to benefit Nigeria and its citizens. Dangote further emphasized that the refinery’s goal is to ensure Nigerians have access to affordable, high-quality petroleum products that are vehicle-friendly, health-friendly, and pocket-friendly.
This isn’t just about fuel or prices. In September, the Federal Executive Council (FEC), under President Tinubu, approved a policy for the sale of crude oil to local refineries in naira instead of dollars. This, according to the government, was designed to reduce dollar dependency and stabilize the naira. By October 1, this naira-for-crude exchange kicked in, supposedly easing pressure on the local currency.
