Dangote Refinery Slashes Petrol Loading Price to N865 per Litre Following Federal Directive on Naira-for-Crude Policy, Confirming NEWS REVIEW’s Earlier Prediction
LAGOS — In line with an earlier projection by NEWS REVIEW, Dangote Refinery has announced a reduction in its ex-depot petrol loading price to N865 per litre, down from N880. The new price reflects a N15 drop, signaling a positive shift for the downstream oil market.
The refinery communicated the change in a notice sent to marketers and customers on Thursday morning. A pro forma invoice obtained by our correspondent and data from petroleumprice.ng confirmed the new pricing.
This development comes just days after NEWS REVIEW exclusively reported that marketers expected a downward price adjustment from the 650,000 barrels-per-day refinery before the week’s end — a move that could spur further reductions in pump prices across the country.
Commenting on the development, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), reassured Nigerians that the price cut is in line with federal government reforms and will benefit end users.
This pricing adjustment follows Wednesday’s directive by the Federal Executive Council (FEC) for the full implementation of the previously suspended Naira-for-Crude agreement — a policy aimed at strengthening local refining and reducing reliance on foreign exchange in petroleum transactions.
In a statement published on its official X (formerly Twitter) handle, the Federal Ministry of Finance reaffirmed that the initiative is a long-term policy directive, not a stopgap measure. The update followed a strategy meeting between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery — one of the major beneficiaries of the policy.
“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,” the ministry stated.
With this price drop and renewed government support for local refining, stakeholders anticipate further market stabilization and relief for consumers.
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