LAGOS: The Dangote Refinery has announced a reduction in its ex-gantry petrol loading price, lowering the rate to N865 per litre, down from the previous N880 per litre sold on Wednesday, a N15 decrease.
According to information obtained by our correspondent, the refinery communicated the price adjustment to marketers and customers through a notice issued on Thursday morning. A Pro forma invoice was reviewed by our correspondent, along with verification from PetroleumPrice.ng, which confirmed the price change.
This development aligns with earlier reports from marketers, who had told our correspondent that the 650,000-barrel-per-day refinery was expected to reduce its petrol loading cost by the end of the week. The move is seen as a positive step toward easing fuel prices across the country.
Commenting on the situation, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), reaffirmed the expected price drop. He also addressed the recent directive from the Federal Executive Council (FEC) regarding the naira-for-crude agreement.
On Wednesday, following earlier delays, the FEC gave the green light for full implementation of the suspended naira-for-crude policy with local refineries. This was disclosed in a statement from the Ministry of Finance, published via its official X (formerly Twitter) handle under the title: “Update on the Crude and Refined Product Sales in Naira Initiative.
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The announcement came after a Tuesday meeting between Finance Minister Wale Edun and representatives from Dangote Refinery, one of the primary beneficiaries of the initiative. The session focused on assessing progress and addressing any issues related to the rollout.
The government emphasized that the naira-for-crude policy is a long-term strategy, not a short-term intervention.
According to the statement, the initiative is designed to promote sustainable domestic refining, strengthen Nigeria’s energy security, and reduce reliance on foreign exchange for petroleum imports.
The statement concluded: The Crude and Refined Product Sales in Naira initiative is a strategic, long-term policy aimed at fostering self-sufficiency in refining, ensuring stable energy supply, and minimizing dependence on forex in the petroleum sector.”
