Dangote Refinery has announced a reduction in its ex-gantry loading cost to N865 per litre, down from the previous price of N880 per litre on Wednesday. The new price was communicated to marketers and customers through a notice sent out Thursday morning.
A Pro forma invoice and a check on petroleumprice.ng confirmed the update. This change follows earlier reports that the 650,000 barrels per day refinery was expected to reduce its petrol loading costs by the end of this week, which is expected to contribute to lower fuel prices.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, reassured the public that the price drop was real. He also commented on the Federal Executive Council’s recent directive about the Naira-for-Crude agreement.
On Wednesday, the Federal Executive Council officially confirmed the full implementation of the Naira-for-Crude agreement with local refineries, after some initial delays. The initiative, aimed at reducing Nigeria’s dependence on foreign currency for petroleum, is a long-term policy, not a temporary measure.
The Ministry of Finance released a statement on X (formerly Twitter), following a meeting between Finance Minister Wale Edun and Dangote Refinery representatives. The statement emphasized that the policy is designed to support local refining, enhance energy security, and reduce reliance on foreign exchange.
“The Crude and Refined Product Sales in Naira initiative is a key policy that will promote sustainable local refining and strengthen the nation’s energy security,” the statement said.