Dangote Petroleum Refinery and Petrochemicals has implemented a downward review of its ex-depot (gantry) loading cost of petrol to N865 per litre.
This is coming barely a day after the Federal Government, following an initial delay, confirmed its full implementation of the suspended Naira-for-Crude agreement with Dangote Refinery and other local refiners.
A top official of the Dangote Group confirmed to Nairametrics the reduction of the price of the product from N880 per litre, which the facility sold on Wednesday, to N865 per litre, representing a N15 drop.
According to reports, the $20 billion refinery informed its marketers and customers of the slash on Thursday.
Dangote Refinery partners such as MRS Oil and Gas, Ardova, Heyden and others are expected to adjust the pump price at their retail outlets across the country to reflect the marginal reduction in the ex-depot price of the premium commodity.
FG to sustain Naira for crude initiative
The Federal Government had reiterated its commitment to the Crude and Refined Product Sales in Naira initiative, describing it as important to alleviating the country’s foreign exchange (forex) pressures and ensuring long-term energy security.
- It stated that the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
- This reaffirmation came during a high-level update meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira held on Tuesday.
- The session was convened to assess progress and address ongoing implementation challenges associated with the strategic policy.
The meeting was chaired by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who also serves as Chairman of the overarching Implementation Committee. He was joined by Mr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee.
Also in attendance were senior officials from across the oil and gas value chain, including the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun, representatives from NNPC Refineries and NNPC Trading, Dangote Petroleum Refinery and Petrochemicals, as well as key regulatory stakeholders such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), and a representative of Afreximbank.
What you should know
Recall that some days ago, oil marketers increased the pump price of petrol to between N930 and N970 per litre as against the former price of N865 per litre.
- This was not unconnected to the recent revelations by oil marketers that the landing cost of imported petrol has increased by N88 per litre in one week amid reports of an increase in the importation of the commodity.
- Dangote refinery had on March 19, 2025, announced that it will stop the domestic supply of petrol in naira due to the suspension of the naira for crude by the NNPC. It stated that the temporary decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.
However, the NNPC, in its clarification, denied halting the naira for crude with NNPC and other local refiners but rather explained that the contract for the sale of crude oil in naira was structured as a six-month agreement for the first stage, subject to availability, and expired at the end of March 2025.
