Dangote Refinery has reduced Petrol Price to N865/Litre amid Naira-for-Crude rollout.
In a significant development for Nigeria’s downstream oil sector, the Dangote Refinery has lowered the price of Premium Motor Spirit (PMS) at its loading point to N865 per litre, down from N880 just a day earlier.
According to a report by The Punch, the new pricing was officially communicated to marketers and customers via an internal notification, confirming widespread expectations of a price reduction within the week.
An independent verification by NewsOnline Nigeria on the petroleumprice.ng platform also confirmed the revised rate.
ALSO: Tinubu Under Pressure To Reinstate Fubara Amid Peace Path With Wike
NewsOnline Nigeria reports that the price drop coming amid the renewed government efforts to support local refining through the full implementation of the naira-for-crude exchange policy, which allows local refineries to purchase crude oil in naira instead of US dollars. The policy, previously suspended, was officially reactivated following a directive from the Federal Executive Council (FEC) on Wednesday.
According to the Ministry of Finance, the initiative is designed to enhance domestic fuel production, stabilize market prices, and reduce Nigeria’s reliance on foreign exchange for petroleum imports.
During a high-level meeting on Tuesday, the Minister of Finance and representatives from Dangote Refinery and other key stakeholders reviewed the progress of the naira-for-crude arrangement and agreed to its continued implementation.
Industry observers believe the price cut could bring much-needed relief to consumers and potentially trigger reductions in transport fares and logistics costs in the coming weeks.
The move marks a critical step toward the federal government’s broader economic strategy aimed at achieving energy self-sufficiency and reducing pressure on the naira.
