In a major development for Nigeria’s downstream oil sector, Dangote Refinery has announced a fresh reduction in its petrol loading price, bringing it down to ₦865 per litre. This move represents a ₦15 decrease from the previous price of ₦880 per litre, which was recorded just a day earlier.
Sources confirmed that marketers were notified of the price adjustment early Thursday via an official memo from the refinery. Supporting documentation, including a pro forma invoice, as well as information available on petroleumprice.ng, verified the updated pricing.
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Earlier in the week, industry insiders had hinted that a price drop was imminent, as expectations grew around a possible adjustment from the 650,000-barrel-capacity refinery—further fueling optimism for falling pump prices across the country.
Meanwhile, Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), reaffirmed the anticipated price cut while addressing recent policy actions by the Federal Executive Council (FEC).
On Wednesday, the FEC gave a green light for the full rollout of the previously paused Naira-for-Crude initiative. This scheme, which allows local refiners to purchase crude oil in naira rather than foreign currency, is now being repositioned as a long-term economic strategy rather than a temporary intervention.
A statement from the Ministry of Finance, shared via its official X (formerly Twitter) account, confirmed that the policy aims to strengthen domestic refining capabilities and reduce Nigeria’s dependence on forex for fuel imports. The update followed a high-level meeting on Tuesday involving Finance Minister Wale Edun and key players in the refining sector, including Dangote Refinery representatives.
The technical committee overseeing the implementation reiterated that this policy shift is part of a broader national agenda to enhance energy security and ensure stable fuel pricing through self-sufficiency in refining.
In their words, this isn’t just a short-term fix—it’s a structural adjustment designed to place Nigeria on a more sustainable path in its petroleum sector.
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