Hours after revival of naira-for-crude deal, Dangote refinery slashes petrol price to N865/litre

The Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to N865 per litre.

The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday and is coming barely 24 hours after the Federal Executive council (FEC) ordered the continuation of the naira-for-crude deal between the refinery and the Nigeria National Petroleum Company (NNPC Ltd).

The refinery informed its customers of the increase in a notice sent out on Thursday morning.

Checks into petroleumprice.ng, a dedicated website for the prices of petroleum products also confirmed the development.

It would be recalled that 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.

READ ALSO: NNPCL hikes petrol price amid appointment of new GCEO

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.

By: Babajide Okeowo

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