By By Micheal Chukwuebuka
DANGOTE Refinery has announced a new ex-gantry loading price for petrol, reducing the cost to ₦865 per litre.
The refinery communicated this price adjustment to marketers and customers through a notice issued on Thursday morning. The move is anticipated to positively influence petrol prices across the country.
According to a pro forma invoice reviewed by our source and verified by petroleumprice.ng, the refinery — which has a processing capacity of 650,000 barrels per day — plans to implement this reduction in loading costs by the end of the week.
This decrease is viewed as a major development in efforts to further bring down fuel prices in Nigeria.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), assured citizens that the reduction aligns with broader initiatives aimed at stabilizing fuel prices and enhancing nationwide access to affordable petrol.
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The announcement follows a recent directive from the Federal Executive Council on the execution of the Naira-for-Crude policy involving domestic refineries.
This initiative seeks to reduce Nigeria’s dependency on foreign exchange for petroleum imports and has been promoted as a long-term solution to support local refining and improve the country’s energy stability.
Aliko Dangote
The Ministry of Finance has clarified that the Naira-for-Crude strategy is a permanent policy designed to enhance domestic refining capabilities and secure a more reliable energy supply.
A statement noted that the Technical Sub-Committee overseeing the Crude and Refined Product Sales in Naira met on Tuesday to evaluate progress and resolve any implementation issues.
Participants in the meeting reaffirmed the government’s dedication to fully carrying out this strategic policy, as mandated by the Federal Executive Council.
The statement emphasized that the Crude and Refined Product Sales in Naira initiative is not a short-term fix, but a critical policy intended to promote sustainable local refining, strengthen energy independence, and reduce the need for foreign exchange in the local petroleum sector.
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