Dangote Refinery Announces New Petrol Price

The Dangote refinery has notified marketers and customers of a reduction in its ex-gantry loading cost, now set at N865 per litre.

This new rate reflects a decrease of N15 from the previous price of N880 per litre that was charged on Wednesday.

The Dangote Refinery communicated this change to its customers through a notice distributed on Thursday morning.

A Pro forma invoice seen on Thursday by journalists, along with confirmations from petroleumprice.ng, validated this update.

It is worth noting that marketers had previously informed The PUNCH that the 650,000 barrels per day refinery was expected to reduce its petrol loading costs by the end of this week, which would further aid in lowering fuel prices.

Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, assured the public about the price decrease while discussing the Federal Executive Council’s directive concerning the naira-for-crude agreement.

On Wednesday, the Federal Executive Council, following an initial postponement, mandated the full implementation of the previously suspended Naira-for-Crude agreement with local refiners.

Don’t miss out on any real-time information. Join our WhatsApp group to stay updated.

CLICK HERE TO JOIN

It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”

The Ministry of Finance announced this information in a statement shared on its official X account, titled “Update on the Crude and Refined Product Sales in Naira Initiative.”

This statement followed a meeting held on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a significant beneficiary of the agreement, to assess progress and discuss ongoing implementation issues.

The committee emphasized that this policy is not a short-term measure but rather a long-term strategy aimed at reducing Nigeria’s reliance on foreign exchange for petroleum.

Furthermore, it clarified that the initiative is not a temporary or limited-time solution, but rather a fundamental policy directive intended to promote sustainable local refining and enhance energy security.

The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”