In a significant move poised to impact pump prices nationwide, Dangote Petroleum Refinery and Petrochemicals has reduced its ex-depot price of petrol to N865 per litre, down from N880. The N15 drop comes just a day after the Federal Government reaffirmed its full commitment to the Naira-for-Crude initiative, signaling renewed collaboration with local refiners.
An insider at Dangote Group confirmed the price revision, which took effect Thursday, noting that marketers and distributors were duly informed. The price adjustment is expected to trigger corresponding reductions at retail outlets operated by major partners including MRS Oil and Gas, Ardova, and Heyden.
Government Reaffirms Commitment to Local Refining Strategy
The Federal Government has restated that the Naira-for-Crude policy is not a temporary fix but a strategic effort to ease forex pressure and strengthen national energy security. This was emphasized during a high-level technical meeting on Tuesday, chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Other key participants included Federal Inland Revenue Service Chairman Zacch Adedeji, NNPC CFO Dapo Segun, representatives of regulatory agencies such as NUPRC and NMDPRA, and delegates from the Central Bank of Nigeria and Afreximbank.
Recent Price Hike and Ongoing Supply Challenges
Just days prior to Dangote’s price cut, petrol pump prices surged to between N930 and N970 per litre. Marketers cited an N88 increase in landing costs within a single week, largely due to intensified fuel imports.
Last month, Dangote Refinery announced it would suspend domestic fuel sales in naira after the temporary expiration of the Naira-for-Crude agreement. The company expressed concern over a mismatch between dollar-denominated crude oil purchases and naira-based sales.
However, NNPC later clarified that the contract was originally structured as a six-month pilot and had reached its initial term limit at the end of March 2025, not discontinued outright.
