The Dangote Petroleum Refinery has reduced its petrol loading price to N865 per litre, down from N880, as confirmed
on Thursday morning. This N15 price cut was communicated to fuel marketers and customers through a notice and
pro forma invoice issued by the 650,000 barrels-per-day facility.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) also confirmed the drop, with the association’s
spokesperson, Chinedu Ukadike, emphasizing it as a direct benefit of the Federal Executive Council’s renewed push
for local refining through the naira-for-crude oil initiative.
Just a day earlier, the government officially directed full implementation of the long-stalled policy, mandating that
Nigerian crude be traded in naira with local refineries like Dangote. The aim is to cut foreign exchange dependence
and strengthen domestic energy security.
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The Ministry of Finance reiterated that the initiative is not a stopgap, but “a key policy directive designed to support
sustainable local refining,” following a review meeting involving Finance Minister Wale Edun and top refinery stakeholders.
Industry analysts expect that the Dangote price reduction, coupled with the FEC’s backing of local refining, could
trigger broader price drops and increased fuel availability in the coming weeks potentially reshaping Nigeria’s downstream petroleum landscape.
