Dangote Refinery has announced a strategic partnership with MRS Oil Nigeria to offer Premium Motor Spirit (PMS) or petrol at ₦935 per litre at its retail outlets across the country.
This price reduction follows a similar move by the Nigerian National Petroleum Company (NNPC), which recently lowered petrol prices to below ₦1,000 per litre.
In a statement shared on his X account on Saturday, Aliko Dangote, President of Dangote Industries Limited, commended President Bola Tinubu for the positive impact of the naira-for-crude swap deal on the Nigerian economy.
This initiative has contributed to a significant reduction in petroleum product prices nationwide.
“To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.
“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,” the statement read.
The new price, which is already in effect in Lagos, will be rolled out nationwide starting Monday.
Dangote called on other oil marketers, including NNPC Retail, to collaborate with them to ensure that Nigerians benefit from high-quality petrol at affordable prices.
He emphasized, “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.”
“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.”
The price reduction follows the approval by the Federal Executive Council (FEC) in September, under the leadership of President Tinubu, to sell crude to local refineries in naira, with the corresponding purchase of petroleum products also in naira.
This policy, which began on October 1, has eased pressure on the dollar and helped stabilize the local currency.
