Dangote Petroleum Refinery and Petrochemicals has slashed its ex-depot (gantry) price of petrol to ₦865 per litre, down from ₦880.
This new rate, announced on Thursday, follows a meeting between Dangote Refinery officials and Finance Minister Wale Edun earlier in the week.
An official confirmed the price reduction to journalists, noting that filling stations with special agreements with the refinery—such as MRS Oil & Gas, Ardova Plc, and Heyden—are expected to lower their pump prices to around ₦910 to reflect the change.
This move comes after a policy shift involving the naira-for-crude initiative, which aims to reduce reliance on US dollars in the oil trade.
In July 2024, the Federal Executive Council (FEC) directed the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to local refineries, including Dangote, in naira instead of dollars.
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However, the agreement was set to expire in March 2025, and Dangote Refinery temporarily stopped selling products in naira when it faced a mismatch between its naira-based sales and US dollar-denominated crude purchases.
The temporary halt led to a sharp increase in petrol prices, with pump prices rising from ₦860 to approximately ₦1,000 per litre. Dangote Refinery explained that it made this decision to avoid financial imbalance.
Since the reshuffling of NNPCL’s leadership, with Bashir Ojulari appointed as the new Group CEO, the naira-for-crude initiative is set to resume.
Experts believe this policy will reduce pressure on the US dollar and bring stability to fuel prices in Nigeria, providing much-needed relief from high costs associated with imported fuel.
Nigerians can now expect lower petrol prices with the resumption of the naira-for-crude arrangement.