The Federal Executive Council approved the full implementation of the “naira-for-crude” policy, mandating local currency for crude and refined products
Dangote reignites hopes for cheaper fuel nationwide as refinery begins naira-based sales
LAGOS — Dangote Refinery has reignited hopes for cheaper fuel across Nigeria, resuming naira-based petrol sales after a 22-day break and cutting its ex-gantry price to N865 per litre, down N15 from N880. The announcement, made Thursday, could ease pump prices, with marketers projecting rates around N910, per The Punch.
The refinery’s notice, verified by a pro forma invoice and petroleumprice.ng, includes Nigerian Midstream and Downstream Petroleum Regulatory Authority fees. Coastal petrol deliveries remain on hold, while diesel and aviation fuel are still priced in dollars. The update read: “Effective 10.04.25, PMS Gantry: N865 (naira, inclusive of NMDPRA). AGO Gantry: $579.00 + $77. ATK Gantry: $622.25 + $42. Coastal sales: On hold.”
This follows the Federal Executive Council’s Wednesday approval to fully roll out the “naira-for-crude” policy, mandating local currency for crude and refined products. The Ministry of Finance, posting on X, framed it as a permanent move to strengthen refining, cut foreign exchange reliance, and boost energy security. “Challenges are being tackled head-on,” the ministry noted after talks between Finance Minister Wale Edun and Dangote officials.
Marketers, expecting the drop, credit the policy shift. Chinedu Ukadike of the Independent Petroleum Marketers Association of Nigeria (IPMAN) said stations like MRS Oil & Gas and Ardova Plc, tied to Dangote, are poised to pass on savings. But the mood isn’t all rosy—marketers who bought at N880, like MRS with 120 million litres loaded Tuesday, now face losses. “It’s a win for consumers, but we’re selling at a loss,” Ukadike said. “Still, lower prices mean faster sales.”
IPMAN’s Hammed Fashola called it a game-changer, blaming past price hikes on the policy’s pause. “This will stabilize the market and benefit Nigerians,” he said.
Analyst Olatide Jeremiah pointed to fiercer competition. “Dangote’s naira sales and falling crude prices could slash pump costs if retailers don’t overcharge,” he said, citing Tanker Reports of bustling refinery activity.
Dangote’s Anthony Chiejina was unreachable for comment by 7:14 p.m. Thursday.
As the naira-for-crude policy takes hold, Nigerians eye relief at fuel stations, though marketers stress the need for oversight to ensure fair pricing. Read More
