Breaking…Dangote Refinery slashes petro price to N865 per litre

The Dangote Refinery has reduced the ex-gantry loading price of diesel to N865 per litre—a N15 drop from the previous N880 per litre.

The price adjustment was communicated to marketers and customers through a notice issued on Thursday morning. A pro forma invoice sighted by our correspondent confirmed the update, while a quick check on petroleumprice.ng also reflected the new pricing structure.

Recall that marketers had exclusively informed our correspondent that the 650,000 barrels refinery was anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement.

On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”

The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.

The committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.

It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.

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.

“Thus, 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.”

(Punch)