Dangote Petroleum Refinery announced that Heyden Petroleum and Ardova Plc have partnered to ensure the supply of affordable Premium Motor Spirit in Nigeria.
In a statement on Thursday, the Dangote refinery revealed that Heyden Petroleum and Ardova Plc, driven by the economic relief from President Bola Tinubu’s crude-for-naira swap initiative, have 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.
The company stated that this development follows the example set by MRS Oil Nigeria Plc, which had earlier entered into a similar agreement with Dangote Refinery.
Consequently, MRS Oil lowered its fuel prices to N935 per litre 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.
This will guarantee a stable fuel supply at competitive prices, benefiting consumers nationwide.
“The arrangement ensures that Ardova and Heyden will have access to a full range of refined products, thereby securing their operations with a reliable supply chain,” it noted.
Meanwhile, A recent statement from Ardova Plc highlighted the significance of this agreement in promoting a more competitive environment within Nigeria’s downstream oil and gas sector.
