Dangote Refinery has resumed fuel sales in naira and cut its ex-depot petrol price to ₦865, signaling possible nationwide pump price reductions. The move aligns with Nigeria’s renewed crude-for-naira policy aimed at boosting local refining, easing forex pressure, and improving fuel affordability amid ongoing downstream competition.
In a shift that could ease fuel prices nationwide, Dangote Refinery has resumed selling petrol in naira and reduced its ex-depot rate to ₦865 per litre. The refinery, Africa’s largest, had briefly suspended naira transactions but reinstated them following renewed government support for the “Crude-for-Naira” policy.
This ₦15 price cut, down from ₦880 per litre, is expected to drive pump prices lower, with marketers projecting a drop to around ₦910 per litre at major retail outlets. Industry stakeholders say the move signals a positive turn for both consumers and local refiners.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, described the price revision as “a welcome relief,” though he noted that some marketers who bought at the previous rate may face losses.
The Federal Executive Council reaffirmed the naira-based trading model this week, positioning it as a long-term economic strategy to reduce Nigeria’s reliance on foreign exchange in the oil sector.
Energy analyst Olatide Jeremiah said the development is already sparking fresh competition in the downstream market. “Private depots will need to keep pace. This adds pressure for more transparent, consumer-friendly pricing,” he said.
Although the policy's rollout has faced logistical challenges, the government insists it's committed to sustaining local refining and currency stability.
As retail outlets prepare to adjust prices, Nigerians are watching closely for relief at the pump. The long-term impact, however, will depend on consistent supply and regulation.
