The Nigeria Union of Journalists (NUJ), Lagos State Council has commended Dangote Refinery for its consistency in the price reduction of Premium Motor Spirit (PMS) otherwise known as petrol.
Reacting to the latest reduction in the ex-gantry loading cost of PMS from ₦880 per litre to ₦865, the Chairman, Nigeria Union of Journalists, Lagos State Council, Mr Adeleye Ajayi, said Dangote Refinery had projected itself as a huge partner in progress to all Nigerians.
“I want to emphatically say that the Dangote Refinery is indeed a blessing to all Nigerians.
“In the last few months, we are all aware that Dangote Refinery has crashed the price of PMS at different intervals and we are very optimistic that such gesture will be extended to other sectors by other industrialists.
“We need more Dangotes in this country so that Nigeria can be great again”. Ajayi said.
Ajayi also lauded the move by the Federal Executive Council (FEC) which gave an express approval for the full implementation of the suspended Naira-for-Crude agreement with local refiners on Wednesday.
The chairman stated that the move would boost the confidence of the citizenry, as the output was expected to improve the living conditions of Nigerians.
The price reduction by the private refinery followed a meeting between representatives of the Dangote Refinery and the Minister of Finance Wale Edun on Tuesday.
At the end of the meeting, the government said that the naira-for-crude was still in effect and that the initiative was not a temporary measure but a “key policy directive designed to support sustainable local refining”.
The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its former boss Mele Kyari which tenured the initiative.
As part of moves to reduce the strain on the US dollars and guarantee price stability of petroleum products, the Federal Executive Council (FEC) in July 2024 directed the NNPCL to sell crude oil to Dangote Refinery and other local refineries in naira and not in United States’ greenback.
However, in March 2025, the Nigerian National Petroleum Company Limited (NNPCL) said its Naira-denominated crude sales agreement with the Dangote Refinery was structured for six months, with March 2025 as the expiration date.
Subsequently, the $20bn Dangote Refinery temporarily halted the sale of petroleum products in Naira. “This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars,” the company had said.
Immediately, the pump price of petrol jumped from around ₦860 to about ₦1,000, making consumers pay at least ₦70 more than what it used to cost them to buy a litre of the premium commodity days earlier.
The resumption of Naira-denominated crude sales, experts believe, would reduce the strain on the US dollar and guarantee the price stability of petroleum products.
Nigerians are expected to experience some relief from high, dollar-denominated imported fuel with the resumption of the naira-for-crude initiative.