Dangote Refinery has announced a reduction in its ex-gantry loading cost to N865 per litre, down by N15 from the previous rate of N880 per litre.
It was gathered that the refinery informed its customers of the price reduction in a notice sent out on Thursday morning.
A Pro forma invoice seen along with confirmation from petroleumprice.ng, confirmed the development.
It was earlier reported that marketers previously stated that the 650,000-barrel refinery was expected to reduce its petrol loading costs by the end of this week, which would contribute to a further decrease in fuel prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public about the price reduction while commenting on the Federal Executive Council’s directive concerning the naira-for-crude agreement.
On Wednesday, after an initial delay, the Federal Executive Council directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.
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 made this disclosure in a statement posted on its official X handle, titled “Update on the Crude and Refined Product Sales in Naira Initiative.”
The statement followed a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a key beneficiary of the agreement, to review progress and address implementation issues.
The committee stated that the policy is not temporary but a long-term strategy to reduce Nigeria’s reliance on foreign exchange for petroleum.
It emphasized that the initiative is a permanent policy measure aimed at supporting sustainable local refining and enhancing 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.”
