The Naira-For-Crude deal has been described as the major reason for the recent reduction of the petrol pump price. The Dangote Refinery disclosed that the initiative allows it to reduce petrol prices for the benefit of Nigerians.
According to the company, the price will remain stable and affordable for the struggling Nigerians. It stated that this will be achieved despite fluctuations in the global crude oil price.
Speaking in a statement released on Monday, Dangote Refinery commended President Bola Tinubu for masterminding the naira-for-crude deal. It said the decision is assisting the company in its efforts to make life comfortable for Nigerians.
The Punch reported that the company made this known in a statement released by its Group Chief Branding and Communications Officer, Anthony Chiejina, on Monday.
“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 stated.
The Refinery stated that its determination to make petrol affordable in Nigeria is in line with President Tinubu’s economic policy.
“Our approach aligns with the objectives of the Federal Government’s ‘Nigeria First Policy’,” the statement said. It added that policy “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,” the statement said on Monday.
Meanwhile, it could be recalled that Nigerians have bought petrol at different prices per litre in recent months. The price jumped to above N1,000 after the popular ‘subsidy is gone’ statement made by President Tinubu.
However, Nigerians have witnessed a slight reduction in the price following the operation of Dangote Refinery and the naira-for-crude deal.
