The Dangote Petroleum Refinery has attributed the recent reduction in petrol prices to the federal government’s naira-for-crude initiative, noting that the policy has allowed for more affordable pricing despite global oil market volatility.
In a statement released on Monday by the Group Chief Branding and Communications Officer, Anthony Chiejina, the company emphasized that it remains committed to supporting the Nigerian economy by ensuring price stability for petroleum products.
“We are immensely grateful to President Bola Tinubu for making this possible through the commendable naira-for-crude initiative,” Chiejina said. “This initiative has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians.”
He added that despite fluctuations in global crude oil prices, the refinery has made deliberate efforts to maintain affordability without compromising operational efficiency or product quality.
“This decision reflects our dedication to providing affordable, reliable, and high-quality petroleum products, while also promoting sustainability,” the statement read.
According to the refinery, its pricing approach aligns with the Federal Government’s ‘Nigeria First Policy,’ which prioritizes the consumption and production of locally manufactured goods and services. The company also highlighted its role in contributing to energy security, saving foreign exchange, and boosting economic resilience.
“By refining petroleum products locally at the world’s largest single-train refinery, we are proud to be making a significant contribution to Nigeria’s energy independence and economic stability,” the company stated.
Reaffirming its commitment to stakeholders, the Dangote Refinery assured Nigerians that it would continue to prioritize national interest, quality, and affordability in its operations.
“We remain committed to ensuring that Nigerians fully benefit from our domestic refining capacity,” the statement added.
The naira-for-crude deal allows the federal government to supply crude oil to the Dangote Refinery in exchange for refined products, reducing the strain on Nigeria’s foreign reserves and helping curb rising fuel costs.
