Aliko Dangote, founder of the Dangote Group, has commended President Bola Tinubu’s naira for crude swap deal, citing its positive impact on Nigeria’s economy and the subsequent reduction in prices of petroleum products.
On July 29, the federal executive council (FEC) approved a proposal by Tinubu directing the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.
In a statement on Saturday, Dangote said the government’s initiative to sell crude to local refineries in naira which commenced October 1 has reduced pressure on the dollar and stabilised the local currency.
According to the statement, Dangote refinery has partnered MRS Oil Nigeria Plc to sell premium motor spirit (PMS), also known as petrol at N935 per litre at its retail outlets.
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The partnership was announced two days after the refinery said it had reduced the ex-depot price of petrol to N899.5 per litre.
Dangote said the initiative was to ensure that the price reduction gets to the end consumers.
“This price has already commenced in Lagos, and it will be offered nationwide from Monday,” Dangote said.
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He called on all other marketers, to work with Dangote refinery to ensure that Nigerians enjoy high-quality petrol at discounted prices.
“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,” he said.
“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.”
On November 11, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said an agreement has been made with Dangote refinery to lift petrol and diesel directly.
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