In a significant move to ease fuel prices, Dangote Refinery has announced a reduction in its ex-gantry loading cost to N865 per litre, down from the previous N880 per litre.
According to The PUNCH, the price revision, which reflects a N15 decrease, was communicated to customers in a notice on Thursday morning.
A pro forma invoice seen by our correspondent, alongside confirmation from petroleumprice.ng, verified the change.
The refinery’s latest price adjustment is expected to further contribute to a reduction in fuel costs, following earlier predictions that Dangote would lower its petrol loading prices by the end of the week.
This decision is in line with the refinery’s efforts to enhance local refining capacity and align with the Federal Executive Council’s directives.
Speaking on the development, Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, expressed confidence in the price drop.
“The downward review by Dangote Refinery is a step in the right direction, and it will positively impact fuel prices across the country,” Ukadike said.
This price adjustment coincides with the Nigerian government’s full implementation of the Naira-for-Crude initiative, aimed at reducing the nation’s reliance on foreign exchange for petroleum imports.
The Federal Executive Council recently directed the comprehensive adoption of the agreement, which has been in limbo for some time.
The Ministry of Finance, in a statement published on X (formerly Twitter), emphasized that the Naira-for-Crude policy is a long-term initiative and not a temporary measure.
“The Crude and Refined Product Sales in Naira initiative is a key policy directive designed to support sustainable local refining, enhance energy security, and reduce dependence on foreign currency in the domestic petroleum market,” the Ministry said.
This update follows a crucial meeting between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery. The policy is poised to significantly strengthen Nigeria’s local refining sector and secure a more stable energy future.
The commitment to the Naira-for-Crude agreement reaffirms the government’s push for economic self-sufficiency in petroleum production, with Dangote Refinery playing a vital role in this transformative effort.
