Dangote Says New Deal Is Helping Nigerians Pay Less for Petrol

The Dangote Petroleum Refinery says its new deal with the Nigerian government, where it buys crude oil using naira (Nigeria’s local currency), is helping to lower petrol prices in the country. This means people are paying less at fuel stations.

This deal, called the naira-for-crude agreement, is part of a plan to keep petrol prices stable and help the Nigerian economy grow. Dangote says it is working closely with the government to support the Nigeria First Policy, which encourages using local products and services.

Keeping Prices Low

Anthony Chiejina, a top officer at Dangote, said that even though crude oil prices go up and down in the world market, Dangote has still been able to reduce the price of petrol in Nigeria. He promised that the company will continue to keep prices affordable for everyone.

He thanked President Bola Tinubu for supporting the naira-for-crude idea, saying it helps all Nigerians by making fuel cheaper.

Some Concerns About the Deal

In March, there were reports that the Nigerian National Petroleum Company (NNPC) had stopped this naira-for-oil program, which allows local refineries to buy crude oil with naira instead of dollars. This caused worry that petrol prices might go up and make foreign exchange problems worse.

But NNPC explained that it was just a six-month test deal and would end in March 2025. They also said they are now talking with Dangote about continuing the deal.

So far, NNPC has given the Dangote Refinery over 84 million barrels of crude oil since 2023.

Saving Money and Supporting the Economy

Dangote says refining oil in Nigeria helps the country save money, reduce its need to import fuel, and strengthen the economy. This supports President Tinubu’s plans to fix the economy.

The company said it will keep working hard to help Nigeria grow and promises to keep providing value for consumers, partners, and the government.