Dangote Petroleum Refinery has reduced its ex-depot petrol price from N880 to N865 per litre. This adjustment was confirmed on Thursday morning when the refinery sent an official notice to fuel marketers and distributors.
The drop in price comes just one day after the refinery was selling petrol at N880 per litre, representing a N15 reduction. Our reporter reviewed a copy of the pro forma invoice issued by the refinery, and the new pricing was also verified through the monitoring platform petroleumprice.ng.
This development follows earlier expectations shared by oil marketers that the 650,000 barrels-per-day facility would lower its loading cost before the week ends. The adjustment is part of ongoing efforts to bring down the cost of petrol for Nigerians amid economic pressures.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), spoke to journalists about the changes and confirmed that Nigerians should expect a corresponding drop in pump prices soon. He also noted that the Federal Executive Council’s recent directive related to the Naira-for-Crude initiative played a role in enabling this move.
On Wednesday, the Federal Executive Council gave the green light for full implementation of the suspended Naira-for-Crude policy. The directive mandates local refiners to obtain crude oil using the Nigerian currency, a measure aimed at easing pressure on foreign reserves and stabilising the market.
The Ministry of Finance, through a statement on its official X handle, explained that the crude supply initiative is not just a short-term plan but a major policy aimed at promoting local refining and enhancing Nigeria’s energy security.
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 Federal Executive Council.
“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.”
