The Dangote refinery has reduced its ex-gantry loading cost to N865 per litre, a decrease of N15 from the previous price of N880 per liter. This development was confirmed by a Pro forma invoice issued to customers on Thursday.
Background
The price reduction comes after marketers anticipated a decrease in fuel prices by the end of the week. The Independent Petroleum Marketers Association of Nigeria (IPMAN) had reassured the public of the price drop, citing the Federal Executive Council’s directive on the naira-for-crude agreement.
Naira-for-Crude Agreement
The Federal Executive Council has directed the full implementation of the naira-for-crude agreement with local refiners. This initiative aims to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.
Quotes from Officials
“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.” – Ministry of Finance
Impact on the Market
The price reduction is expected to have a positive impact on the market, with consumers benefiting from lower fuel prices. The Dangote refinery’s decision to slash its petrol price is a significant development in the Nigerian petroleum industry.