Dangote Refinery Reduces Petrol Price to N865 Per Litre
Dangote Refinery has announced a price cut for its petrol, reducing the ex-gantry loading cost to N865 per litre, down N15 from the previous rate of N880 per litre set on Wednesday.
The refinery notified marketers and customers of the change in a notice issued Thursday morning, with confirmation found in a pro forma invoice and on petroleumprice.ng.
The price drop aligns with earlier predictions from marketers, who disclosed that the 650,000-barrel facility was expected to lower petrol costs by the end of the week, easing fuel prices further. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, reinforced this optimism, linking the reduction to the Federal Executive Council’s recent push for the naira-for-crude deal.
On Wednesday, the Council greenlit the full rollout of the previously stalled Naira-for-Crude agreement with local refiners. The Ministry of Finance emphasized that this is a long-term strategy, not a short-term fix, aimed at strengthening local refining, enhancing energy security, and cutting dependence on foreign currency in the fuel market.
The update followed a Tuesday meeting between Finance Minister Wale Edun and Dangote Refinery representatives, a key player in the initiative, to iron out implementation details.
The ministry’s statement, posted on its official X account, underscored the government’s commitment to the policy, calling it a cornerstone for sustainable growth in Nigeria’s petroleum sector. Read More
