In a significant move, the Dangote refinery has announced a reduction in its ex-gantry loading cost again after a very recent reduction in prices.
The refinery has now set at N865 per litre, down from N880 per litre that their prices was pegged as as of Wednesday. This new pricing was communicated to marketers and customers through a notice distributed on Thursday morning.
Sources confirm that the decision follows earlier indications from marketers that the 650,000 barrels per day refinery was likely to decrease its petrol loading costs by the end of the week, contributing to an expected decline in fuel prices across the market.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, reassured consumers about the price drop and emphasized the importance of the Federal Executive Council’s directive regarding the naira-for-crude agreement.
On Wednesday, the Federal Executive Council, after some initial delays, mandated the full implementation of the previously suspended Naira-for-Crude agreement with local refiners. This initiative is not seen as a temporary fix but rather as a pivotal policy aimed at enhancing sustainable local refining and improving energy security in Nigeria.
The Ministry of Finance released a statement via its official X handle, titled “Update on the Crude and Refined Product Sales in Naira Initiative,” following a meeting between Finance Minister Wale Edun and representatives from Dangote Refinery. The meeting focused on reviewing the progress of the initiative and addressing ongoing implementation challenges.
According to the committee, this policy is designed to reduce Nigeria’s reliance on foreign exchange for petroleum products. The stakeholders reiterated the government’s commitment to fully implement this strategic initiative, highlighting its significance in supporting local refining efforts and securing the nation’s energy future.