Dangote Refinery has announced to marketers a downward review of its ex-gantry loading cost to N865 per litre.
The new development follows the Federal Executive Council resuscitating the full implementation of the suspended Naira-for-Crude agreement with local refiners.
Dangote Refinery’s new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday.
It was gathered that the refinery passed information to its customers via a notice sent out on Thursday morning.
On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.
It said the initiative with local refineries was not a temporary measure but a “key policy directive designed to support sustainable local refining.”
The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.
The committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
