Aliko Dangote, President of Dangote Industries Limited, has praised President Bola Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy. This deal has led to a reduction in petroleum product prices nationwide.
In a statement, Dangote announced a partnership between his refinery and MRS Petrol station to sell petrol at N935 per litre from MRS retail outlets across the country. The move aims to ensure that the price reduction benefits end consumers.
The Dangote Refinery had earlier reduced its price by N71 to N899.50 per litre for marketers, offering credit facilities to ease transactions. This development has sparked a pricing war in the downstream sector, with the National Nigerian Petroleum Company Limited (NNPC) also reducing its price to N899 per litre.
Dangote called on other oil marketers to collaborate and provide high-quality petrol at discounted prices. He emphasized the refinery’s commitment to delivering affordable petroleum products that benefit Nigerians.
The naira for crude swap deal, approved by the Federal Executive Council in September, has reduced pressure on the dollar and stabilized the local currency. Dangote expressed gratitude to Nigerians for their support and the government for creating an enabling environment for the domestic refining industry.
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