The Dangote Refinery has reduced its petrol loading price to N865 per litre, marking a N15 decrease from the previous rate of N880 per litre recorded on Wednesday.
This price adjustment was confirmed through a notice issued to marketers and customers by the refinery on Thursday morning.
Industry insiders had earlier hinted that the 650,000-barrel-per-day refinery was expected to lower its petrol prices by the end of the week—an expectation that has now materialized.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), reassured the public of further price reductions, especially in light of the Federal Executive Council’s (FEC) renewed emphasis on the naira-for-crude initiative.
On Wednesday, the FEC ordered the full implementation of the previously suspended naira-for-crude deal with local refiners. The Ministry of Finance described the policy not as a stopgap measure, but as a strategic, long-term directive aimed at boosting sustainable local refining and enhancing Nigeria’s energy security.
The Ministry, via its official X (formerly Twitter) handle, released a statement titled, “Update on the Crude and Refined Product Sales in Naira Initiative,” following a meeting on Tuesday between Finance Minister Wale Edun and Dangote Refinery officials to review progress and address challenges in execution.
The Technical Sub-Committee overseeing the initiative reiterated the government’s unwavering commitment to the program, highlighting its importance in reducing Nigeria’s reliance on foreign exchange for petroleum products.
The statement emphasized, “The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
Leave a Reply