Dangote Refinery has notified marketers and customers of a reduction in its ex-gantry loading price to N865 per litre, a decrease of N15 from the previous price of N880 per litre announced on Wednesday.
This information was shared with customers in a notice sent on Thursday morning. A pro forma invoice confirmed this change, along with verification from petroleumprice.ng.
Marketers had previously indicated that the 650,000 barrels per day refinery was expected to lower its petrol loading costs by the end of the week, which would likely lead to reduced fuel prices. Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, assured the public about the price reduction in light of the Federal Executive Council’s recent directive on the naira-for-crude agreement.
On Wednesday, after a prior delay, the Federal Executive Council mandated the full implementation of the naira-for-crude agreement with local refiners. This initiative is intended to be a long-term strategy, not a temporary solution, aimed at supporting sustainable local refining operations.
The Ministry of Finance emphasized this point in a statement released via its official X account, following a meeting between Finance Minister Wale Edun and representatives from Dangote Refinery to discuss progress and address implementation issues.
The committee highlighted that this policy is designed to reduce Nigeria’s reliance on foreign exchange for petroleum and enhance energy security. They reiterated the government’s firm commitment to this strategic initiative, emphasizing its importance as a long-term directive rather than a short-term intervention.
