Dangote Refinery Slashes Petrol Price to N867

Dangote Petroleum Refinery and Petrochemicals has reviewed its ex-depot (gantry) loading cost of petrol to N867 per litre.

It was gathered that the $20bn refinery informed its marketers and customers of the slash on Thursday.

An official at the refinery confirmed the price reduction from N880 to N867 per litre to Channels Television.

Checks into petroleumprice.ng also confirmed that the private refinery reduced its gantry price by N13 on Thursday morning.

Filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with the Dangote Refinery are expected to reduce their pump price to around N910 from around N925 to reflect the marginal reduction in the ex-depot price of the premium commodity.

The price reduction by the private refinery followed a meeting between representatives of the Dangote Refinery and the Minister of Finance Wale Edun on Tuesday.

At the end of the meeting, the government said that the naira-for-crude was still in effect and that the initiative was not a temporary measure but a “key policy directive designed to support sustainable local refining”.

The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its former boss Mele Kyari which tenured the initiative.

As part of moves to reduce the strain on the US dollars and guarantee price stability of petroleum products, the Federal Executive Council (FEC) in July 2024 directed the NNPCL to sell crude oil to Dangote Refinery and other local refineries in naira and not in United States’ greenback.