Again, Dangote Slashes Petrol Price

The Dangote Petroleum Refinery has announced another reduction in the off-depot price of petrol aka Premium Motor Spirit, PMS to N835 per litre.

This is the second time in about a month that the refinery had slashed the prices of PMS having initially reduced its price to N865 from N880 per litre.    commonly known as petrol from N865 to N835 per litre.

According to analysts, the price reduction may not be unconnected with some factors including the recent crash in the price of crude oil in the international market, as well as the renewal of the Naira-for-Crude deal between the company and federal government.

Recall that not a few Nigerians welcome the naira-crude swap deal signed with Dangote by the federal government following weeks of hiatus which raised anxiety that the deal may not be renewed.

The first phase of the deal had ended on March 31.

But after signing the new deal on April 9, during a stakeholders  meeting in Abuja, the nation’s capital the Ministry of Finance assured that the deal will continue as long as it’s line with the administration’s  plan for energy sufficiency in the country.

According to the Ministry, “The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time.

“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.”