Dangote Refinery has announced a downward revision of its ex-gantry petrol loading price, reducing it from N880 to N865 per litre—a N15 decrease.
The refinery communicated the price cut to marketers and customers in a notice sent out on Thursday morning, a development confirmed through a pro forma invoice obtained by Punch and checks on petroleumprice.ng.
This reduction aligns with earlier expectations from marketers, who had hinted that the 650,000-barrel-per-day facility would lower its prices by the end of the week, potentially driving down pump prices nationwide.
Speaking on the matter, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, reaffirmed the anticipated price drop. He also addressed the Federal Executive Council’s (FEC) renewed directive for full implementation of the suspended Naira-for-Crude agreement.
On Wednesday, the FEC approved the complete rollout of the policy, initially delayed, declaring it a long-term strategy to support local refining and reduce reliance on foreign exchange.
According to a statement released on the Ministry of Finance’s official X handle, titled “Update on the Crude and Refined Product Sales in Naira Initiative,” the initiative is not a stopgap measure but a “key policy directive” for sustainable local refining and national energy security.
The update followed a review meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery. The committee overseeing the policy reaffirmed the government’s commitment to its implementation and emphasized its strategic importance in Nigeria’s broader energy and economic plans.
