In a move signaling the deepening impact of Nigeria’s shift toward domestic refining, the Dangote Refinery has reduced its ex-depot petrol price to ₦865 per litre — a ₦15 drop from the ₦880 price set just a day earlier.
This update was formally communicated to marketers and downstream distributors via a notice issued Thursday morning. A verified pro forma invoice and listings on petroleumprice.ng corroborate the price change.
Industry insiders had earlier revealed that the 650,000-barrel-per-day mega facility was expected to reduce its loading cost by the week’s end, offering some relief to consumers battling persistently high fuel prices.
Reacting to the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the downward adjustment, reinforcing industry expectations for continued price moderation.
The refinery’s price revision comes just a day after the Federal Executive Council (FEC) issued a landmark directive: the full-scale enforcement of the Naira-for-Crude initiative — a strategic policy meant to anchor Nigeria’s petroleum trade in local currency.
The Ministry of Finance, in a statement posted to its official X handle, clarified that the initiative is not a short-term stopgap but a core policy move aimed at reducing Nigeria’s reliance on the dollar for fuel imports. The announcement followed a Tuesday meeting between Finance Minister Wale Edun and representatives of Dangote Refinery.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention,” the statement emphasized. “It is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
With Dangote Refinery at the center of both policy and pricing developments, Nigeria appears to be entering a new phase in its fuel economy — one driven by naira-denominated transactions and anchored in homegrown capacity.
