The Dangote Refinery has reduced the price of petrol to N865 per litre, dropping from the N880 per litre it sold on Wednesday.
This new price was confirmed in a notice sent to marketers and customers on Thursday morning, according to a pro forma invoice seen by The PUNCH and also listed on petroleumprice.ng.
The N15 drop in the price follows earlier reports that the 650,000-barrel-per-day refinery would reduce its petrol loading costs by the end of the week.
Reacting to the news, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the price cut. He also spoke about the Federal Executive Council’s recent move on the naira-for-crude agreement.
On Wednesday, the Federal Executive Council (FEC) ordered the full implementation of the suspended naira-for-crude oil policy. This agreement allows local refiners like Dangote to buy crude oil using naira instead of foreign currencies.
The Ministry of Finance said the policy is not a temporary measure, but a long-term plan aimed at encouraging local refining and reducing Nigeria’s dependence on foreign exchange.
In a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative,” the ministry explained that the agreement would help the country achieve energy security and stable fuel prices.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention,” the statement read. “It is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
The meeting to review the progress of the initiative was held on Tuesday between Finance Minister Wale Edun and representatives from Dangote Refinery, one of the key players in the policy.
