Dangote Refinery credits Naira-for-Crude policy for stabilising petrol prices

The Dangote Petroleum Refinery has attributed its recent petrol price reductions to the Federal Government’s naira-for-crude initiative, noting that the deal has enabled it to cushion the impact of global oil price volatility and deliver affordable fuel to Nigerians.

In a statement issued on Monday, the company said that despite rising international crude prices, it has managed to consistently reduce the cost of petrol, resulting in some relief for consumers at the pump.

The announcement was contained in a release signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, who reaffirmed the refinery’s commitment to maintaining stable and accessible fuel prices.

“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 read.

Dangote Petroleum Refinery described the decision to keep fuel prices stable as part of a broader mission to support the Nigerian economy and ease the financial pressure on citizens grappling with high energy costs.

“Our approach aligns with the objectives of the Federal Government’s ‘Nigeria First Policy,’ which promotes the prioritisation of locally produced goods and services,” the company said.

Highlighting the strategic importance of the facility, billed as the world’s largest single-train refinery, the company noted that domestic refining is a key contributor to national energy security, foreign exchange savings, and economic stability.

“This aligns 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 added.

The refinery also assured stakeholders, ranging from consumers and partners to government agencies, of its continued commitment to operational excellence and national service.

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