Dangote Refinery has declared a decrease in petrol prices to ₦865 per litre, a reduction of ₦15 from the previous rate of ₦880 per litre, effective Wednesday. This announcement was made via a notice released on Thursday morning.
Market analysts had predicted a price drop from the refinery by the week’s end, following comments from Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), who indicated that a reduction was anticipated in light of the Federal Executive Council’s (FEC) directive to fully implement the crude-for-naira agreement with local refiners.
On Wednesday, the FEC reaffirmed that this policy would persist as part of a strategy to enhance domestic refining capabilities and lessen dependence on foreign currency for petroleum imports.
The initiative, which had previously faced delays, is now set to be activated.
In a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative,” the Ministry of Finance emphasized that this policy is not a temporary solution but a “crucial directive aimed at fostering sustainable local refining and bolstering energy security.”
This statement followed a meeting on Tuesday between Finance Minister Wale Edun and representatives from Dangote Refinery to discuss the challenges associated with the policy’s implementation.