Dangote Commends Tinubu on Crude-for-Naira Swap Deal and Fuel Price Reduction
Aliko Dangote, President of Dangote Industries Limited, has lauded President Bola Ahmed Tinubu for the significant economic benefits brought by the crude-for-naira swap deal. The initiative, which allows the sale of crude oil and petroleum products in naira, has eased pressure on the dollar and bolstered the stability of Nigeria’s currency.
Fuel Price Reduction Initiative
- PMS Price Cut: Dangote Refinery recently reduced the price of Premium Motor Spirit (PMS) from ₦970 to ₦899.50 at its refinery loading gantry.
- Retail Partnership: In collaboration with MRS, Dangote has ensured the availability of PMS at ₦935 per litre at MRS retail outlets nationwide, starting from Lagos, with a nationwide rollout beginning Monday.
- Generous Credit Terms: The refinery has also extended favorable credit terms to petroleum marketers.
Call for Collaboration
Dangote urged oil marketers, including NNPC Retail and others, to collaborate in making affordable, high-quality petroleum products accessible to all Nigerians.
“The Dangote Refinery is for the benefit of Nigeria and Nigerians,” he said. “We will continue to work with various players to ensure cheaper, high-quality petrol reaches every citizen.”
Background on Crude-for-Naira Deal
The crude-for-naira swap deal, approved by the Federal Executive Council (FEC) in September and implemented on October 1, allows crude to be sold to local refineries in naira, reducing reliance on foreign currency. This policy has contributed to stabilizing the naira and lowering petroleum product prices.
Gratitude and Commitment
Dangote expressed appreciation to Nigerians for their support and acknowledged the government for fostering a conducive environment for the domestic refining industry.
This initiative aligns with efforts to ensure affordability, accessibility, and sustainability in Nigeria’s energy sector.
