Dangote refinery has announced a reduction in its ex-gantry loading cost of petrol to N865 per litre for marketers and customers. This new price reflects a N15 decrease from the N880 per litre the facility charged as of Wednesday.
This price adjustment comes in the wake of the Federal Executive Council’s directive for the full implementation of the Naira-for-Crude agreement with local refineries, including Dangote. The policy, initially facing delays, was reaffirmed on Wednesday as a long-term strategy to bolster local refining capacity and reduce Nigeria’s reliance on foreign exchange for petroleum products.
The Ministry of Finance provided an update on this initiative via a statement on its official X handle, following a meeting on Tuesday between Finance Minister Wale Edun and representatives from Dangote Refinery, a key beneficiary of the policy. The meeting aimed to review progress and address any ongoing implementation issues.
The government has emphasized that the Naira-for-Crude initiative is not a temporary measure but a fundamental policy designed to support the sustainability of local refineries and enhance the nation’s energy security. The Ministry’s statement reiterated the Federal Executive Council’s commitment to the full implementation of this strategic plan, aimed at reducing dependence on foreign currency within the domestic petroleum market.
