Dangote and MRS team up to reduce fuel prices, offering PMS at N935 nationwide. Photographer: Benson Ibeabuchi/Bloomberg via Getty Images
Abuja (EPICSTORIAN) – Dangote Refinery has announced a strategic partnership with MRS to sell Premium Motor Spirit (PMS) at N935 per litre nationwide, easing fuel costs.
This new pricing structure, which has already commenced in Lagos, is set to roll out across the country starting Monday.
Speaking on the development, Aliko Dangote, President of Dangote Industries Limited, emphasized the company’s commitment to ensuring Nigerians have access to affordable and high-quality petroleum products.
Dangote credited President Bola Ahmed Tinubu’s naira-for-crude swap deal for positively impacting the Nigerian economy and stabilizing the prices of petroleum products.
“The Dangote Refinery is for the benefit of Nigeria and Nigerians,” Dangote said. “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, good for their health, and good for their pockets.”
This partnership is part of Dangote Refinery’s broader strategy to pass on the benefits of reduced crude prices to the end consumer. Recently, the company slashed the price of PMS at its loading gantry from N970 to N899.50 per litre and introduced 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,” Dangote added.
The collaboration between Dangote Refinery and MRS comes on the heels of the Federal Executive Council’s (FEC) approval of a policy allowing local refineries to purchase crude oil in naira. This policy, which commenced on October 1, has reduced the pressure on foreign exchange markets and helped stabilize the naira.
According to Dangote, the enabling environment created by this policy has been instrumental in achieving these positive outcomes.
He also extended a call to other oil marketers, including NNPC Retail, urging them to join the initiative to ensure that all Nigerians can enjoy discounted petrol prices. “We need all stakeholders to work together to ensure Nigerians enjoy high-quality petrol at discounted prices,” he stated.
The recent moves by Dangote Refinery signal a shift in the Nigerian energy landscape, with a focus on affordability and accessibility. Industry experts believe this could set a benchmark for other major players in the market to follow suit.
Nigerians have welcomed the price reduction and partnership with optimism, seeing it as a step towards mitigating the economic pressures caused by the fluctuating fuel market.
As the initiative rolls out nationwide, all eyes will be on its implementation and the potential ripple effects on the broader economy. For many, the collaboration between Dangote Refinery and MRS serves as a beacon of hope that the challenges posed by high fuel costs can be alleviated through strategic partnerships and innovative policies.
The Dangote Refinery, hailed as Africa’s largest, continues to be at the forefront of efforts to revitalize Nigeria’s energy sector, offering a blend of innovation, quality, and affordability to millions of Nigerians.
