Dangote Petroleum Refinery & Petrochemicals has reiterated its commitment to driving energy affordability in Nigeria, stating that local refining has enabled the company to consistently reduce the price of Premium Motor Spirit (PMS) despite rising international crude oil prices.
In an official statement signed by Anthony Chiejina, Group Chief Branding and Communications Officer, the company explained that its ability to maintain lower petrol prices is directly linked to the Federal Government’s Naira-for-Crude Initiative.
The initiative, which allows local crude oil purchases to be settled in naira, has created a buffer for domestic refiners against global price volatility.
The Dangote Refinery, which operates the world’s largest single-train facility, emphasized its strategic role in enhancing Nigeria’s energy security and stabilizing pump prices.
“Our approach aligns with the objectives of the Federal Government’s Nigeria First policy, which promotes the prioritisation of locally-produced goods and services,” the statement said.
The company acknowledged the impact of the global oil market, where crude prices have remained elevated, but affirmed that its domestic refining operations have mitigated the full pass-through of international price shocks to local fuel consumers.
“We are immensely grateful to His Excellency, 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 company stated.
The ongoing price reductions underscore Dangote’s broader commitment to economic resilience, reduced import dependence, and improved access to refined petroleum products for Nigerians.
This is in line with the President’s Renewed Hope Agenda, which seeks to reform critical sectors and drive long-term national growth.
Market analysts have observed that the refinery’s operations have introduced a level of pricing stability previously unattainable under Nigeria’s import-driven fuel system. With over $19 billion invested in the Lekki-based refinery, Dangote Industries has emerged as a key player in Nigeria’s downstream sector, reshaping the country’s fuel supply dynamics.
The company further assured consumers, stakeholders, and the government of its continued commitment to operational excellence and national development.
“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 read.
As the global oil market continues to experience fluctuations driven by geopolitical risks, supply uncertainties, and monetary policy shifts in advanced economies, local refining has become a critical hedge for resource-dependent economies like Nigeria.
By sourcing, refining, and distributing petroleum products domestically, Dangote Refinery is positioned to play a central role in insulating the Nigerian economy from external shocks and sustaining internal price stability.
