The Dangote Petroleum Refinery has officially reduced the ex-gantry loading price of petrol to N865 per litre, marking a N15 drop from the previous rate of N880 per litre recorded on Wednesday.
The refinery communicated the price adjustment to marketers and other stakeholders via a notice issued on Thursday morning. A Pro forma invoice and a price update on petroleumprice.ng confirmed the development.
This move aligns with earlier projections by industry insiders, who had exclusively informed The PUNCH that the refinery was expected to lower its petrol loading cost by the end of the week — a move likely to trigger further reductions in pump prices across the country.
Reacting to the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, welcomed the price cut. He also reiterated the association’s support for the Federal Executive Council’s (FEC) decision to fully implement the Naira-for-Crude policy with domestic refiners.
The FEC, after initial delays, gave a green light on Wednesday to resume full implementation of the Crude and Refined Product Sales in Naira initiative. The policy is aimed at bolstering local refining capacity and reducing Nigeria’s dependence on foreign exchange for petroleum products.
According to a statement from the Ministry of Finance shared via its official X (formerly Twitter) handle, the initiative is not a stopgap measure but a strategic policy directive. The statement followed a high-level meeting on Tuesday involving the Minister of Finance, Wale Edun, and key representatives from the Dangote Refinery.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention,” the statement emphasized. “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 Technical Sub-Committee overseeing the initiative also reaffirmed the government’s commitment to full implementation, promising continuous collaboration with stakeholders to ensure long-term success.
