The Dangote Petroleum Refinery says Heyden Petroleum and Ardova Plc have joined it to ensure the supply of affordable Premium Motor Spirit (petro) in Nigeria.
The Dangote refinery in a statement on Thursday, said the two companies, propelled by the economic relief provided by President Bola Tinubu’s crude-for-naira swap initiative, entered into a bulk purchase agreement with the refinery.
“This strategic move is designed to ensure a steady supply of petroleum products at affordable prices, further stabilising the nation’s fuel market and enhancing energy security for consumers,” the statement read partly.
According to the company, the development followed the example set by MRS Oil Nigeria Plc, which had previously entered into a similar agreement with Dangote Refinery.
As a result, MRS Oil recently lowered its fuel prices to N935 per litre across all its stations nationwide, addressing the long-standing issue of price disparities between states.
“Furthermore, MRS Oil’s stock surged to a new 52-week high last Friday, as investors became increasingly optimistic about the company’s future earnings prospects,” Dangote stated in its statement.
The statement disclosed that the bulk purchase agreement with Dangote refinery will enable both Ardova and Heyden to secure a reliable and consistent supply of petroleum products from the world’s largest single-train refinery.
