Dangote Credits Naira-for-Crude Deal for Petrol Price Cuts

Tuesday May 20, 2025 |

Dangote Petroleum Refinery has credited the naira-for-crude oil initiative with helping it reduce the cost of petrol, leading to lower prices at fuel stations across Nigeria.

In a statement on Monday, May 19, the company said it would continue to keep petrol prices stable despite fluctuations in global crude oil prices, noting that this approach aligns with its commitment to easing pressure on Nigerian consumers.

“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 said.

Signed by Anthony Chiejina, Group Chief Branding and Communications Officer, the statement explained that the refinery’s price cuts reflect its dedication to economic stability and sustainability.

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

According to Dangote, refining products locally at its Lagos-based refinery, the world’s largest single-train facility, has allowed Nigeria to save foreign exchange and strengthen energy security, while also supporting President Tinubu’s Renewed Hope Agenda.

“Dangote Petroleum Refinery remains committed to ensuring that the benefits of our local refining capacity are fully realised and enjoyed by the Nigerian populace. We will continue to prioritise affordability, quality, and national interest in every facet of our work,” the company assured.

It further pledged to maintain operational excellence while continuing to serve national interest through stable pricing and dependable fuel supply.