Dangote Petroleum Refinery and Petrochemicals has slashed its ex-depot (gantry) value of petrol to ₦865 per litre, down from ₦880.
This new fee, introduced on Thursday, follows a gathering between Dangote Refinery officers and Finance Minister Wale Edun earlier within the week.
An official confirmed the worth discount to journalists, noting that filling stations with particular agreements with the refinery—reminiscent of MRS Oil & Gasoline, Ardova Plc, and Heyden—are anticipated to decrease their pump costs to round ₦910 to replicate the change.
This transfer comes after a coverage shift involving the naira-for-crude initiative, which goals to cut back reliance on US {dollars} within the oil commerce.
In July 2024, the Federal Govt Council (FEC) directed the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) to promote crude oil to native refineries, together with Dangote, in naira as a substitute of {dollars}.
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Nonetheless, the settlement was set to run out in March 2025, and Dangote Refinery briefly stopped promoting merchandise in naira when it confronted a mismatch between its naira-based gross sales and US dollar-denominated crude purchases.
The short-term halt led to a pointy improve in petrol costs, with pump costs rising from ₦860 to roughly ₦1,000 per litre. Dangote Refinery defined that it made this choice to keep away from {financial} imbalance.
For the reason that reshuffling of NNPCL’s management, with Bashir Ojulari appointed as the brand new Group CEO, the naira-for-crude initiative is ready to renew.
Consultants imagine this coverage will cut back strain on the US greenback and convey stability to gas costs in Nigeria, offering much-needed aid from excessive prices related to imported gas.
Nigerians can now anticipate decrease petrol costs with the resumption of the naira-for-crude association.
