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Naira-for-Crude initiative enables consistent reduction in petrol prices – Dangote - BUSINESSDAY
Despite rising global crude oil prices, Dangote Petroleum Refinery & Petrochemicals has announced that it has consistently reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria.
In a statement signed by the Anthony Chiejina, group chief banding and communications officer, the company reaffirmed its commitment to price stability, attributing its ability to lower costs to the Federal Government’s Naira-for-Crude Initiative.
The refinery stated that its decision to maintain affordable petrol prices reflects its dedication to supporting Nigeria’s economy and easing the financial burden on consumers.
“Our approach aligns with the objectives of the Federal Government’s Nigeria First policy, which promotes the prioritisation of locally-produced goods and services,” the statement read.
Dangote Petroleum Refinery highlighted its role in enhancing Nigeria’s energy security and economic resilience by refining petroleum products domestically at its world-class facility—the largest single-train refinery in the world.
The company expressed gratitude to President Bola Tinubu for the Naira-for-Crude Initiative, which has enabled the refinery to sustain price reductions.
“We are immensely grateful to His Excellency, President Bola Tinubu, for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” the statement added.
Dangote Petroleum Refinery assured stakeholders, including consumers, partners, and the government, of its continued commitment to operational excellence and national development.
“Dangote Petroleum Refinery remains committed to ensuring that the benefits of our local refining capacity are fully realised and enjoyed by the Nigerian populace. We will continue to prioritise affordability, quality, and national interest in every facet of our work,” the company stated.
The refinery’s announcement comes amid fluctuating global oil prices, reinforcing its role in stabilising Nigeria’s fuel market and supporting the President’s Renewed Hope Agenda for economic recovery.
