Dangote Links Falling Petrol Prices to Naira-for-Crude Agreement
Dangote Links Falling Petrol Prices to Naira-for-Crude Agreement
The Dangote Petroleum Refinery has said that the naira-for-crude deal allowed it to reduce the price of petrol, which translates to reduced costs at the pumps.
This is even as the company affirmed that the prices of petrol will remain affordable and stable. The company said on Monday that despite the fluctuations in global crude oil prices, it has consistently reduced the price of petrol.
The company, in a release signed its Group Chief Branding and Communications Officer, Anthony Chiejina, said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.
“We are immensely grateful to 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 stated.
Dangote said the decision to maintain prices stability despite crude price fluctuations underscores its dedication to providing affordable, reliable, and high-quality petroleum products without compromising operational efficiency and sustainability.
“Our approach aligns with the objectives of the Federal Government’s ‘Nigeria First Policy’, which promotes the prioritisation of locally-produced goods and services.
“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which is focused on addressing the nation’s economic challenges and improving the well-being of Nigerians,” the statement said on Monday.
The company reaffirmed its unwavering commitment to operational excellence and national development, assuring all stakeholders—including consumers, partners, and the government—of its dedication.
“Dangote Petroleum Refinery is fully committed to ensuring that Nigerians reap the full benefits of domestic refining. We will continue to uphold affordability, maintain high quality, and serve the national interest in all our operations,” the statement concluded.
