In a significant development, Dangote Refinery has reduced its petrol price to N865 per liter, a N15 decrease from the previous price of N880. The refinery informed its customers of the price drop through a notice sent out on Thursday morning.
The price reduction was anticipated by marketers, who had predicted that the 650,000 barrels refinery would lower its petrol loading costs by the end of the week. This move is expected to contribute to the overall reduction in fuel prices.
The Federal Executive Council has directed the full implementation of the suspended Naira-for-Crude agreement with local refiners, a key policy aimed at supporting sustainable local refining and bolstering energy security.
The Ministry of Finance stated that this initiative is a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
The Independent Petroleum Marketers Association of Nigeria welcomed the price drop, with its National Publicity Secretary, Chinedu Ukadike, reassuring the public of the development.
The price reduction is seen as a welcome relief for consumers, who have been grappling with high fuel prices. The Dangote Refinery’s decision to slash its petrol price is expected to have a positive impact on the overall fuel market in Nigeria.
In a statement, the Ministry of Finance said, “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.”
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