By Joy Yesufu
In a major development in Nigeria’s downstream oil sector, the Dangote Refinery has slashed its petrol loading price to N865 per litre, down from the previous rate of N880.
The new price was communicated to marketers via an official notice issued Thursday morning. A pro forma invoice, along with data from petroleumprice.ng, confirmed the downward adjustment.
This price drop comes amid growing anticipation from marketers who had earlier predicted a reduction in the refinery’s ex-depot price before the end of the week, potentially triggering lower retail pump prices nationwide.
The 650,000-barrel-per-day refinery, Africa’s largest, is a key player in Nigeria’s drive toward domestic fuel self-sufficiency and reduced import dependency.
Speaking on the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the refinery’s price reduction. He also commended the Federal Government’s renewed push to implement the Naira-for-Crude initiative, saying it would further stabilize fuel pricing and availability.
The Federal Executive Council (FEC) on Wednesday ordered the full implementation of the previously suspended Naira-for-Crude agreement with local refineries, including Dangote.
The move is seen as a strategic effort to reduce Nigeria’s reliance on foreign exchange in the petroleum sector and strengthen domestic refining.
In a statement posted on its official X handle, the Federal Ministry of Finance emphasized that the policy is not a temporary measure but a “long-term directive designed to support sustainable local refining.”
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention,” the ministry stated.
“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 statement followed a high-level meeting on Tuesday between Finance Minister Wale Edun and representatives from Dangote Refinery to review the progress and address implementation challenges.
