- Dangote Refinery reduced its petrol loading price to ₦865 per litre, down from ₦880, following an expected price drop from the 650,000-barrel-per-day facility
- The Independent Petroleum Marketers Association (IPMAN) welcomed the price cut, which aligns with the Federal Executive Council’s naira-for-crude policy
- The FEC’s directive on the naira-for-crude agreement aims to enhance Nigeria’s refining capacity and reduce reliance on foreign exchange for petroleum imports
The Dangote Refinery has notified marketers and its customers of a downward revision in its ex-gantry petrol loading price, reducing the rate to ₦865 per litre.
This represents a ₦15 reduction from the ₦880 per litre at which the facility was selling as of Wednesday.
The refinery communicated the revised price in a customer notice issued on Thursday, April 10, morning. A Pro forma invoice sighted by our correspondent, along with confirmation from petroleumprice.ng, verified the adjustment.
Earlier in the week, marketers had indicated that a price cut from the 650,000-barrel-per-day refinery was expected by the weekend, a move anticipated to contribute to a broader reduction in fuel prices.
Reacting to the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, reaffirmed the likelihood of a price drop, particularly in light of the Federal Executive Council’s (FEC) recent directive on the naira-for-crude policy.
On Wednesday, April 9, the FEC ordered the full implementation of the previously suspended naira-for-crude agreement with local refiners, describing the measure as a strategic and long-term approach to bolstering Nigeria’s refining capacity.
According to the Ministry of Finance, the initiative is not a stopgap solution but a key policy directive aimed at supporting sustainable local refining and enhancing energy security.
A statement released via the ministry’s official X (formerly Twitter) handle, titled “Update on the Crude and Refined Product Sales in Naira Initiative”, outlined the outcome of a meeting held on Tuesday, April 8, between the Minister of Finance, Wale Edun, and representatives of the Dangote Refinery, a major stakeholder in the agreement.
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.”
The ministry reiterated that the policy aims to reduce Nigeria’s reliance on foreign exchange for petroleum imports, stating, “This 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.”
Nigeria to sell crude oil in naira to boost local refineries, economy
Meanwhile, TheRadar earlier reported that the Federal Government said the introduction of the sale of crude oil in naira was a strategic step towards enhancing the operational efficiency of local refineries, as well as reducing foreign exchange risks and transaction costs.
This initiative, which is part of broader energy sector reforms, was disclosed by President Bola Tinubu during the opening of the eighth edition of the Nigeria International Energy Summit (NIES) in Abuja on Tuesday.
