In a strategic move that may signal the beginning of broader market shifts, the Dangote Refinery has announced a downward revision of its ex-depot petrol price to ₦865 per litre, slicing ₦15 off the previous rate of ₦880.
The refinery communicated the price cut to marketers early Thursday morning through a formal notice.
A pro forma invoice confirming the new pricing was sighted by industry insiders, and the adjustment was further verified via the petroleum pricing tracker, petroleumprice.ng.
This price drop, although modest, aligns with industry expectations. Marketers had earlier hinted that Nigeria’s 650,000-barrels-per-day refinery—Africa’s largest—was on the verge of reducing its petrol loading costs by the end of the week, contributing to growing optimism about a potential decline in pump prices across the country.
Speaking on the development, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), described the reduction as timely. He tied the move to broader reforms being implemented under the Federal Executive Council’s (FEC) revived Naira-for-Crude initiative.
On Wednesday, the FEC approved the full-scale implementation of the previously suspended deal, which mandates the sale of crude oil to local refineries in exchange for refined products, settled in naira. The Ministry of Finance, in a statement released via its official X (formerly Twitter) handle, reaffirmed that the initiative is not a stop-gap measure but a foundational policy aimed at fostering energy security and reducing Nigeria’s reliance on foreign exchange for petroleum imports.
The statement followed a high-level meeting between Finance Minister Wale Edun and key stakeholders, including representatives from the Dangote Refinery. Discussions focused on the policy’s rollout and the challenges encountered so far.
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According to the ministry, the naira-for-crude framework is envisioned as a long-term strategy to empower domestic refining capacity, stabilize the naira, and lower fuel prices for consumers.
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.”
