JUST IN: Dangote Refinery Reduces Petrol Price

The Dangote Refinery has announced a reduction in its petrol loading price, lowering the ex-gantry cost to N865 per litre. This marks a N15 decrease from the N880 per litre price recorded the previous day.

Marketers received official notice of the price cut on Thursday morning, with confirmation from a pro forma invoice and independent verification on petroleumprice.ng.

The move comes shortly after expectations were raised by marketers that the refinery, which has a capacity of 650,000 barrels per day, would reduce its fuel loading cost by the end of the week. The price adjustment is anticipated to influence broader pump prices across the country.

Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, had earlier assured that a reduction was imminent. He cited recent directives from the Federal Executive Council concerning the Naira-for-Crude initiative as a contributing factor.

On Wednesday, the Federal Executive Council directed the full implementation of the suspended Naira-for-Crude agreement with local refiners. The initiative, which includes Dangote Refinery as a key participant, is aimed at strengthening local refining capacity and reducing Nigeria’s reliance on foreign exchange for petroleum imports.

The Ministry of Finance emphasized that the policy is a long-term measure to ensure energy security and promote sustainable refining. A statement released after a meeting between the finance minister and Dangote representatives confirmed the government’s commitment to fully implementing the initiative.