Dangote Refinery has reduced the price of petrol to N865 per litre. This marks a N15 drop from the previous rate of N880. The new price was communicated to marketers and customers through a notice sent out on Thursday morning.
This change aligns with expectations from industry insiders who predicted that the refinery would reduce its loading price before the end of the week. A Pro forma invoice and updates on petroleumprice.ng confirmed the new price.
The reduction follows a directive from the Federal Executive Council to enforce the Naira-for-Crude agreement with local refineries. This policy encourages the use of local currency in crude oil transactions and aims to reduce Nigeria’s dependence on foreign exchange for fuel.
According to the Ministry of Finance, the policy is not a short-term measure. It is a long-term strategy to support local refining, ensure energy security, and stabilize the domestic market.
Discussions are ongoing between the federal government and key stakeholders, including Dangote Refinery, to ensure full implementation of the initiative. The move is expected to have a positive impact on fuel availability and pricing in the country.
