The Dangote refinery has issued a notification to marketers and customers regarding a downward revision of its ex-gantry loading cost to N865 per litre.
This revised price reflects a reduction of N15 from the previous day’s price of N880 per litre.
The refinery conveyed this information to its customers via a notice sent out on Thursday morning, which was further corroborated by a Pro forma invoice and checks conducted on petroleumprice.ng.
In a statement, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, reassured the public of a potential price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude on Wednesday.
The Federal Executive Council directed the full implementation of the suspended Naira-for-Crude agreement with local refiners on Wednesday.
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 disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.
According to the committee, the policy is a permanent plan designed to decrease Nigeria’s dependence on foreign exchange for petroleum, rather than a short-term solution.
It further noted that the initiative is a long-term policy directive aimed at supporting sustainable local refining and enhancing energy security, rather than a temporary or time-bound intervention.
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.”
