Dangote Petroleum Refinery and Petrochemicals has reviewed its ex-depot (gantry) loading cost of petrol to ₦867 per litre.
The $20 billion 650,000 650,000-barrel-per-day facility announced the new pricing to its marketers and customers on Thursday.
While confirming the development, an official of the refinery stated that the price review had taken effect.
Moreover, this latest development comes amid expectations that Dangote’s refinery will help stabilize fuel prices in Nigeria, especially for diesel, which plays an important role in powering businesses and transportation across the country.
Recall that 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 is 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 issued 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 downsize Nigeria’s dependence on foreign exchange for petroleum.
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.”