The Dangote Refinery said it is partnering with MRS to sell Premium Motor Spirit or petrol at N935 per litre at its retail outlets nationwide.
The development comes after the Nigerian National Petroleum Company Limited slashed prices below to N899 per litre.
The product previously sold at N1,020. According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the new price was fixed by the NNPCL.
Quoting a document released by NNPCL’s Commercial Department, the association’s National Public Relations Officer, Dr Joseph Obele, said the reduction was based on regional pricing scheme, dislcosing that under the arrangement, it would sell for N970 per litre in parts of the South South region.
The President of the Dangote Industries Limited, Aliko Dangote, is said to have also commended President Bola Tinubu for the positive impact of the naira for the crude swap deal on the Nigerian economy, which has led to a reduction in prices of petroleum products in the country.
“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 added.
“This price has already commenced in Lagos, and it will be offered nationwide starting Monday.
In the statement, Dangote called on other oil marketers, such as NNPC Retail, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”
He said, “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, health, and pockets.”
In September, the Federal Executive Council (FEC), under the leadership of Tinubu, approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in Naira.
The move, which began on October 1, reduced pressure on the dollar and ensured the local currency’s stability.
