Dangote Refinery Adjusts Petrol Prices to ₦865 per litre Amid Policy Shift
By Our Correspondent.
In a significant development, the Dangote refinery has announced a reduction in its ex-gantry loading cost for petrol to N865 per litre, marking a decrease of N15 from the previous price of N880 per litre.
This revision was communicated to marketers and customers via a notice issued on Thursday morning.
Reports indicate that this decrease was anticipated, as the refinery, which boasts a capacity of 650,000 barrels, was expected to lower its petrol loading costs by the end of the week, a move that could further ease fuel prices across the market.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, assured the public of this price adjustment.
His comments come on the heels of a directive from the Federal Executive Council for the implementation of the Naira-for-Crude agreement with local refiners, a decision intended to enhance sustainable local refining while reducing dependency on foreign exchange for petroleum.
The Ministry of Finance, in a recent statement, reaffirmed its commitment to this initiative, characterizing it as a long-term strategy aimed at strengthening energy security and bolstering the domestic petroleum market.
The latest discussions between Finance Minister Wale Edun and representatives from Dangote Refinery highlighted the initiative’s importance as a key policy directive, rather than a temporary fix.
The Crude and Refined Product Sales in Naira initiative is designed to support Nigeria’s local refining capabilities and maintain a steady course toward energy independence.
