Dangote Refinery pledges stability amidst oil price fluctuations

Dangote Petroleum Refinery & Petrochemicals has reaffirmed its commitment to maintaining price stability for petrol, despite global crude oil price fluctuations.

The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, in a statement on Monday night, said the decision reflects the company’s unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.

“Dangote Petroleum Refinery and Petrochemicals reaffirms that, despite the fluctuations in global crude oil prices, we have consistently reduced the price of Premium Motor Spirit (PMS), commonly known as petrol.

“It underscores our dedication to providing affordable, reliable, and high-quality petroleum products without compromising operational efficiency and sustainability,” the statement said.

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It said its 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, Mr Chiejina said: “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.

“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. We assure all stakeholders—consumers, partners, and the government—of our continued dedication to operational excellence and national service.”

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Dangote Petroleum Refinery said it remains committed to ensuring that the benefits of its 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,” it said.

Last month, Dangote Refinery announced that it had reduced the price of petrol to retailers from N865 per litre to N835 per litre.

On Monday, the prices of crude oil settled marginally higher. Brent crude futures settled 13 cents higher at $65.54 a barrel, while U.S. West Texas Intermediate crude closed up 20 cents at $62.69 a barrel. Both contracts rose more than 1 per cent last week.