- Dangote commends Tinubu for the naira-for-crude swap deal.
- The policy aims to stabilize the naira and lower petroleum costs.
- Dangote Refinery partners with MRS to offer petrol at ₦935 per litre.
- Other marketers are urged to join in providing affordable petrol.
- The initiative aims to make high-quality fuel accessible and affordable to all Nigerians.
Dangote’s Thumbs Up for Tinubu’s Economic Move
Aliko Dangote, a prominent figure in Nigerian business, has publicly praised President Bola Tinubu for the positive turn the naira-for-crude swap is bringing to the nation. This policy, enacted in September and put into action on October 1, is showing significant promise in stabilizing the naira and lowering the cost of petroleum products.
Fuel Prices Drop: A Relief for Nigerians
In a move that’s music to the ears of many Nigerians, Dangote has taken steps to lower the price of Premium Motor Spirit (PMS). The price at the refinery loading gantry has been reduced from N970 to N899.50, accompanied by favorable credit terms for marketers. But here’s the best part: this price drop is directly translating to lower costs at the pump.
Partnership with MRS: Cheaper Fuel Nationwide
Dangote Refinery isn’t stopping there. It has teamed up with MRS Oil Nigeria Plc to sell PMS at an even lower price of ₦935 per litre nationwide. This initiative, which has already started in Lagos, is set to roll out across the country starting Monday. It’s a strategic move to ensure that the benefits reach everyone, not just those in major cities.
A Call to Action for Other Oil Marketers
Dangote isn’t keeping the secret sauce to himself. He’s urging other oil marketers, including NNPC Retail, to join in this effort to make high-quality petrol more affordable. By working together, they can ensure that Nigerians get the best possible deal at the fuel pumps.
More Than Just Fuel: A Commitment to Quality
Dangote has made it clear that the Dangote Refinery is all about benefiting Nigeria and its people. The goal is to provide high-quality fuel at prices that don’t break the bank. This isn’t just about cheaper fuel; it’s about ensuring that the products are good for vehicles, health, and, most importantly, wallets.
How Did We Get Here? The Naira-for-Crude Swap Explained
Back in September, the Federal Executive Council (FEC) approved the groundbreaking idea of selling crude to local refineries in Naira and then buying petroleum products also in Naira. This policy, which kicked off on October 1, has helped to ease the pressure on the dollar and bring stability to the local currency. The swap is part of a broader strategy to reduce the nation’s dependence on foreign currency and boost the value of the Naira. This has been hailed as a very important move to stimulate the Nigerian economy.
Thank You, Nigeria!
Dangote also took a moment to thank Nigerians for their continuous support and the government for nurturing a positive environment for the domestic refining industry. This cooperative approach is crucial for continued success and economic growth.
With the Dangote Refinery and the government working hand-in-hand, the future looks promising for more stable fuel prices and a healthier Nigerian economy. Keep an eye on the pumps, folks – things are changing for the better!
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