Dangote Refinery Partners with MRS to Sell Petrol at N935

The Dangote Refinery has announced a partnership with MRS petrol stations to sell petrol at N935 per litre, as part of efforts to ensure that recent price reductions benefit consumers directly.

In a statement shared on Saturday, Dangote Industries Limited highlighted the positive impact of the naira-for-crude swap deal approved by the Federal Government. According to Aliko Dangote, President of Dangote Industries Limited, the initiative has contributed significantly to reducing the prices of petroleum products in Nigeria and stabilizing the naira.

The 650,000-barrels-per-day refinery had earlier reduced the price of Premium Motor Spirit (PMS) to N899.50 per litre at its loading gantry, offering credit facilities to marketers to ease distribution. This move sparked a pricing war in the downstream sector, with the Nigerian National Petroleum Company Limited (NNPCL) responding by reducing its petrol price to N899 per litre.

The partnership with MRS aims to ensure nationwide availability of the reduced-price petrol, starting Monday, with the new pricing already in effect in Lagos.

Dangote Urges Collaboration Among Marketers

In the statement, Dangote emphasized the importance of collaboration among oil marketers to ensure consumers benefit from quality petroleum products at competitive prices.

“To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit from N970 to N899.50 at its refinery loading gantry and provided generous credit terms to marketers,” the statement read.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre. We call on other oil marketers, including NNPC Retail and others, to work with us in delivering high-quality petrol at discounted prices to Nigerians.”

Federal Government’s Naira-for-Crude Deal

The Federal Executive Council, led by President Bola Ahmed Tinubu, approved the naira-for-crude swap deal in September, enabling local refineries to purchase crude in naira and sell petroleum products domestically. The initiative, which took effect on October 1, has eased pressure on the dollar and stabilized the naira, providing significant relief for the Nigerian economy.

Commitment to Nigerians

Dangote reaffirmed the refinery’s commitment to ensuring Nigerians have access to affordable, high-quality petroleum products.

“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will continue to work with various value chain players to deliver high-quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to products that are good for their vehicles, health, and pockets,” the statement concluded.

The Dangote Refinery’s efforts, coupled with government support, mark a significant step toward reducing Nigeria’s dependency on imported petroleum products and fostering economic stability.