President of Dangote Industries Limited, Aliko Dangote, has praised President Bola Ahmed Tinubu for implementing the crude-for-naira swap deal, a policy that has positively impacted Nigeria’s economy by stabilizing the naira and reducing petroleum product prices.
In line with this development, Dangote announced a price reduction for Premium Motor Spirit (PMS) from N970 to N899.50 at the Dangote Refinery loading gantry, alongside flexible credit terms for marketers.
“To ensure these savings benefit the end consumer, we have partnered with MRS to sell petrol at N935 per litre across its retail outlets nationwide,” Dangote said, noting that the new price is already in effect in Lagos and will expand nationwide from Monday.
Dangote also called on other marketers, including NNPC Retail, to join the effort to provide Nigerians with high-quality petrol at reduced prices. “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We are committed to delivering affordable and high-quality petroleum products that are good for vehicles, health, and pockets,” he added.
The crude-for-naira swap deal, approved by the Federal Executive Council in September and implemented on October 1, allows local refineries to purchase crude in naira while selling refined products in the same currency. This policy has eased pressure on the dollar and bolstered the naira’s stability.
Dangote extended his gratitude to Nigerians for their support and commended the government for fostering a conducive environment for domestic refining.
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