In a move expected to bring relief to Nigerians, Dangote Refinery has announced a partnership with MRS to sell petrol at ₦935 per litre across the country.
This development comes on the heels of the Nigerian National Petroleum Company Limited’s (NNPC) recent decision to lower petrol prices below ₦1,000 per litre.
According to Aliko Dangote, President of Dangote Industries Limited, the partnership with MRS is aimed at ensuring that the price reduction benefits end consumers.
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“To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers,” Dangote stated.
The new pricing has already been implemented in Lagos and is expected to be rolled out nationwide starting Monday. Dangote urged other oil marketers, including NNPC Retail, to collaborate to ensure Nigerians benefit from affordable and high-quality petrol.
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“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high-quality petrol at cheaper prices,” Dangote added.
The naira-for-crude swap initiative, approved by the Federal Executive Council (FEC) in September, has been credited with contributing to the reduction in fuel prices. The policy, which took effect on October 1, has eased demand for the dollar and helped stabilize the naira.