BREAKING: Dangote Refinery slashes Petrol Price to N865

Dangote Refinery has officially reduced its ex-gantry loading price of petrol to N865 per litre, marking a N15 drop from the N880 per litre rate recorded on Wednesday.

The refinery communicated the new price to marketers and customers through an internal notice sent out on Thursday morning.

A Pro forma invoice seen by our correspondent, along with confirmation from petroleumprice.ng, validated the revised pricing.

Marketers had earlier hinted that the 650,000 barrels-per-day refinery would lower its loading cost before the end of the week, helping to ease fuel prices across the country. Their prediction came true with the latest downward review.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, assured the public of the price drop while reacting to the Federal Executive Council’s decision regarding the suspended naira-for-crude oil deal.

On Wednesday, the Federal Executive Council ordered the full implementation of the naira-for-crude policy with local refineries after initial delays. According to the Ministry of Finance, this initiative is a strategic, long-term policy and not just a short-term measure.

A statement titled “Update on the Crude and Refined Product Sales in Naira Initiative” was released on the Ministry’s official X handle following a meeting on Tuesday. The meeting involved the Minister of Finance, Wale Edun, and key stakeholders, including representatives from Dangote Refinery.

The statement clarified that the initiative is designed to strengthen local refining capacity, reduce dependence on foreign exchange, and improve energy security in Nigeria.

“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 Ministry noted.

It further stressed, “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.”