In a landmark development for Nigeria’s energy sector, Ardova Plc and Heyden Petroleum have entered into a strategic bulk purchase agreement with Dangote Petroleum Refinery.
This move, propelled by President Bola Ahmed Tinubu’s crude-for-naira initiative, aims to ensure a steady supply of petroleum products at affordable prices, stabilizing the nation’s fuel market and enhancing energy security.
The agreement follows the example of MRS Oil Nigeria Plc, which recently inked a similar deal with Dangote Refinery. As a result, MRS reduced its pump price to N935 per litre nationwide, addressing longstanding price disparities. The company’s stock also soared to a 52-week high last Friday, reflecting growing investor confidence.
For Ardova and Heyden, this agreement solidifies access to a consistent supply of refined products from the world’s largest single-train refinery. This ensures operational stability and competitive pricing across their extensive retail networks.
In a statement, Ardova Plc emphasized the transformative potential of the deal:“This framework institutionalizes a robust relationship between Ardova Plc and Dangote Refinery, fostering a competitive landscape in Nigeria’s downstream sector.”
The Dangote Refinery, operational since 2024, has been instrumental in alleviating Nigeria’s fuel supply challenges. Its large-scale production capabilities have stabilized prices and prevented shortages, even during peak festive seasons.
This latest partnership promises to further enhance market stability, ensuring affordable fuel prices for consumers. For more on this and other developments in Nigeria’s energy sector, visit fasnewsng.com.
By Lekan Olofinsusi
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