The Dangote Petroleum Refinery has attributed the reduction in petrol prices to the naira-for-crude oil agreement, stating that the initiative has helped lower costs at the pump.

The company also assured that petrol prices will remain both affordable and stable. In a statement released on Monday, Dangote noted that despite the volatility in global crude oil prices, it has consistently lowered petrol prices.

According to the Group Chief Branding and Communications Officer, Anthony Chiejina, the move to keep prices steady demonstrates the company’s strong commitment to supporting the Nigerian economy and easing the financial strain on consumers caused by rising fuel prices.

“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.

Dangote said the decision to maintain prices stability despite crude price fluctuations underscores its dedication to providing affordable, reliable, and high-quality petroleum products without compromising operational efficiency and sustainability.

“Our 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,” the statement said on Monday.

The company pledged its continued commitment to national service and operational excellence, assuring consumers, partners, and the government of its steadfast dedication.

“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,” the statement added.