Dangote Refinery Slashes Petrol Price To N865
The Dangote refinery has announced the slashing the price of its petroleum product to N865 per litre. The review of its ex-gantry loading cost was announced by the management, thus causing a reduction of N15 from N880 per litre sold by the facility on Wednesday.
The Dangote refinery has announced the slashing the price of its petroleum product to N865 per litre. The review of its ex-gantry loading cost was announced by the management, thus causing a reduction of N15 from N880 per litre sold by the facility on Wednesday.
However, the refinery informed its customers in a notice on Thursday morning, just as checks into petroleumprice.ng also confirmed the development.
Petroleum marketers had informed reporters that the 650,000 barrels refinery was anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, who spoke on the development, reassured the public of the price drop while commenting on the Federal Executive Council’s, FEC's, directive regarding the naira-for-crude agreement.
The FEC, had after an initial delay, on Wednesday, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners, adding that the initiative with local refineries was not a temporary measure, but a “key policy directive designed to support sustainable local refining.”
However, the refinery informed its customers in a notice on Thursday morning, just as checks into petroleumprice.ng also confirmed the development.
Petroleum marketers had informed reporters that the 650,000 barrels refinery was anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, who spoke on the development, reassured the public of the price drop while commenting on the Federal Executive Council’s, FEC's, directive regarding the naira-for-crude agreement.
The FEC, had after an initial delay, on Wednesday, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners, adding that the initiative with local refineries was not a temporary measure, but a “key policy directive designed to support sustainable local refining.”
The federal Ministry of Finance made this development known in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.”
The ministry's statement followed a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.
According to the committee, the policy was not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the FEC.
“Thus, 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.”
According to the committee, the policy was not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the FEC.
“Thus, 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.”
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