The Dangote Refinery has announced a reduction in its ex-depot petrol price to ₦865 per litre, a decrease of ₦15 from the previous price of ₦880.
The refinery informed marketers of this price adjustment early Thursday morning through an official notice.
Industry insiders have confirmed the new pricing through a pro forma invoice, and the change has been validated by the petroleum pricing tracker, petroleumprice.ng.
While this price reduction is modest, it meets industry expectations. Marketers had previously indicated that Nigeria’s 650,000-barrels-per-day refinery—Africa’s largest—was likely to lower its petrol loading costs by the end of the week, sparking optimism for a potential drop in pump prices nationwide.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), described the price cut as timely. He linked this move to the broader reforms being implemented under the Federal Executive Council’s (FEC) renewed Naira-for-Crude initiative.
On Wednesday, the FEC approved the full-scale implementation of a previously suspended agreement that allows local refineries to purchase crude oil in exchange for refined products, with transactions conducted in naira. The Ministry of Finance reiterated in a statement via its official X (formerly Twitter) account that this initiative is a foundational policy aimed at enhancing energy security and reducing Nigeria’s dependence on foreign currency for petroleum imports.
This statement followed a high-level meeting between Finance Minister Wale Edun and key stakeholders, including representatives from the Dangote Refinery, where the rollout of the policy and its associated challenges were discussed.
