Dangote Commends Tinubu’s Naira-for-Crude Swap
…Reduces Petrol Price
By Patience Ikpeme
Aliko Dangote, President of Dangote Industries Limited, has praised President Bola Ahmed Tinubu for the positive impact of the naira-for-crude swap deal on the Nigerian economy, which has led to a reduction in the prices of petroleum products.
To provide relief to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its refinery loading gantry, offering generous credit terms to marketers.
Furthermore, Dangote announced a partnership with MRS, enabling the sale of petrol at N935 per liter from MRS retail outlets nationwide, starting in Lagos and expanding nationwide from Monday.
Dangote urged other oil marketers, including NNPC Retail, to collaborate to ensure Nigerians have access to high-quality petrol at discounted prices.
He emphasized that the Dangote Refinery is dedicated to serving Nigerians and will continue to work with various stakeholders to deliver high-quality and affordable petroleum products.
The naira-for-crude swap deal, approved by the Federal Executive Council in September, involves selling crude oil to local refineries in naira and purchasing petroleum products in naira. This initiative, which commenced on October 1, has alleviated pressure on the dollar and stabilized the local currency.
Dangote expressed gratitude to Nigerians for their unwavering support and acknowledged the government’s efforts in creating a conducive environment for the domestic refining industry.
