Dangote Refinery has pledged its commitment to ensuring stability in the price of Premium Motor Spirit (PMS), also known as petrol, in Nigeria despite fluctuations in prices of crude oil in the international market.
In a statement released on Monday, signed by its spokesperson, Anthony Chiejiena, the refinery reiterated that it has continuously lowered the price of petrol and will continue to do so in the interest of Nigerians, despite changes in the price of crude oil globally.
Join our WhatsApp ChannelThe 650,000 barrels per day refinery said the decision to keep prices stable demonstrates its unwavering commitment to bolstering the Nigerian economy and easing the financial strain on consumers caused by rising fuel prices.
According to the statement, Dangote refinery’s move demonstrated its commitment to offering petroleum products that are high-quality, dependable, and reasonably priced without sacrificing sustainability and operational effectiveness.
Prime Business Africa reports that fresh concerns about an impending petrol price hike arose recently following reports that the landing cost of petrol has increased above N870 per litre. Crude oil prices have dwindled in recent times, hovering around $62 to $65 per barrel, while local petrol is now between N880 per litre and N930 nationwide.
Dangote Refinery said its approach aligns with the objectives of the Federal Government’s ‘Nigeria First policy’, which promotes the prioritisation of locally-produced goods and services.
“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which is focused on addressing the nation’s economic challenges and improving the well-being of Nigerians,” it stated.
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The company expressed gratitude to President Bola Tinubu for coming up with the Naira-for-Crude Initiative, which it said has enabled it to “consistently reduce the price of petroleum products for the benefit of all Nigerians.”
“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”, it added.
The company reassured the government, partners, and customers of its unwavering commitment to national service and operational excellence.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
