Dangote Refinery has slashed its petrol price to N865 per litre, marking a significant reduction. The move is expected to impact fuel prices nationwide and offer relief to Nigerians facing high transportation and goods costs. This follows the implementation of the Naira-for-Crude policy aimed at stabilizing refining costs.
Dangote Refinery has taken a significant step by lowering its ex-gantry loading price for petrol to N865 per litre, down from N880. This new pricing is expected to help reduce fuel costs across the country.
The refinery issued official communications to marketers and customers early Thursday morning, notifying them of the change. The price adjustment was later confirmed through an official pro forma invoice and verified by the website petroleumprice.ng.
This move follows earlier predictions that the refinery might reduce its petrol loading prices by the end of the week. With a capacity to process 650,000 barrels per day, Dangote’s decision is set to have a notable impact on fuel pricing across Nigeria.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, spoke on the reduction, stating that it is part of ongoing efforts to lower the cost of fuel. This price cut comes as Nigeria grapples with soaring fuel prices, causing strain on transportation and everyday goods.
The recent implementation of the Naira-for-Crude policy by the Federal Executive Council is also seen as a long-term strategy to reduce Nigeria’s dependency on foreign exchange for fuel imports, which could help stabilize the market further.
