Dangote Refinery has announced a reduction in the petrol price to ₦865 per litre, down from ₦15 from the previous rate of ₦880 per litre on Wednesday. The refinery said this through a notice issued on Thursday morning.
Marketers had anticipated a price reduction by the refinery by the end of the week after Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said they expected a drop in price while commenting on the Federal Executive Council’s (FEC) directive to fully implement the crude-for-naira agreement with local refiners.
On Wednesday, the FEC confirmed that the policy will continue as a strategy to improve domestic refining and reduce reliance on foreign exchange for petroleum imports.
The initiative, which was initially delayed, will now be put in motion.
In a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative,” the Ministry of Finance clarified that the policy is not a temporary measure but a “key directive to support sustainable local refining and enhance energy security.”
The statement followed a Tuesday meeting between Finance Minister Wale Edun and representatives from Dangote Refinery to address the challenges of its implementation.
