Dangote Refinery reduces petrol price 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 Naijaonpoint 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.

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.

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.

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.

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.