Breaking: Dangote reduces petrol price to N865

The Dangote Refinery has cut the price of petrol at its loading point to N865 per litre, marking a N15 reduction from the N880 it sold just a day earlier.

According to source, the revised pricing was communicated to marketers and customers through an official notification issued by the company on Thursday. A check on petroleumprice.ng also confirmed the updated rate.

Discovererngr.com reports that this development aligns with earlier industry expectations that the refinery would lower its petrol price before the end of the week—a move seen as a potential relief for consumers grappling with high fuel costs.

The price adjustment comes on the heels of the Federal Executive Council’s (FEC) directive for the full implementation of the previously suspended naira-for-crude oil policy. The initiative, which allows local refiners to access crude oil in exchange for payment in naira rather than foreign currency, aims to strengthen domestic refining capacity and reduce Nigeria’s dependence on foreign exchange for fuel imports.

In a statement released by the Ministry of Finance, the government emphasized that the naira-for-crude deal is not a short-term fix, but a long-term policy designed to stabilize the downstream sector and promote energy security.

On Tuesday, the Minister of Finance, Wale Edun, met with key stakeholders, including representatives of the Dangote Refinery, to assess the progress of the initiative and resolve any implementation bottlenecks.

The meeting concluded with a reaffirmation of the government’s commitment to fully roll out the policy and support local refiners.

Industry observers say the refinery’s price drop could trigger a ripple effect, potentially leading to reductions in transportation and other associated costs in the coming weeks.