Dangote Petroleum Refinery has announced a reduction in its petrol price to ₦865 per litre following the Federal Government’s directive to fully implement the Naira-for-Crude policy with local refiners.
The new price showed a ₦15 drop from the previous rate of ₦880 and took effect on Thursday.
The announcement follows the Federal Executive Council’s reaffirmation of its commitment to the Naira-for-Crude initiative aimed at enhancing local refining capacity and reducing reliance on foreign exchange.
The Federal Ministry of Finance disclosed the development through an official statement on Wednesday under the title “Update on the Crude and Refined Product Sales in Naira Initiative.”
The updated directive mandates that local refiners receive crude oil allocations in naira rather than dollars as part of a broader strategy to improve energy security and promote macroeconomic stability.
The initiative is expected to reduce cost pressures on local refiners and lower pump price of petroleum products across the country.
A recent meeting convened by the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative reviewed the progress of the policy and addressed implementation challenges.
The session was attended by representatives from the Ministry of Finance, NNPC Limited Dangote Refinery and other key stakeholders.
The committee emphasised that the Naira-for-Crude initiative is not a temporary intervention but a key policy directive intended to support sustainable domestic refining operations.
The Ministry of Finance stated that the policy remains in effect and aligns with national economic priorities.
Clarifying recent media speculation about the alleged cancellation of the agreement with Dangote Refinery, the Nigerian National Petroleum Company Limited stated that the contract was structured as a six-month agreement scheduled to conclude at the end of March 2025.
According to the NNPC, discussions are ongoing for a new arrangement with Dangote Refinery and crude oil supply will continue under mutually agreed terms.
NNPC further confirmed that since October 2024, it has supplied over 48 million barrels of crude to Dangote Refinery, bringing the total volume since the commencement of operations in 2023 to over 84 million barrels.
The price cut by Dangote Refinery is expected to ease fuel costs for consumers and support broader efforts to stabilise domestic energy prices.
Industry analysts see the development as a positive indicator of improving coordination between the government and key private-sector operators in the energy sector.
