Dangote Refinery has announced a significant reduction in its petrol ex-gantry price to ₦865 per litre, a move expected to lower fuel costs nationwide

[dropcap]D[/dropcap]angote Refinery has announced a substantial reduction in its ex-gantry loading cost for petrol, bringing the price down to ₦865 per litre.

Also read: Dangote petroleum refinery temporarily halts petroleum sales in Naira

This represents a significant decrease of ₦15 from the previous price of ₦880 per litre. The bold move is widely anticipated to have a considerable impact on fuel prices across Nigeria, according to reports on Thursday.

Marketers and customers were promptly informed of the price adjustment, with Dangote Refinery issuing official communications early on Thursday morning.

Reliable sources have confirmed the new pricing structure, supported by a Pro forma invoice and verification obtained from petroleumprice.ng.

This unexpected price cut comes just days after industry insiders hinted at the possibility of such a reduction. The refinery’s massive 650,000 barrels per day facility was expected to lower its petrol loading costs by the end of the current week, and this announcement confirms those expectations.

As Nigeria continues to grapple with persistently high fuel prices, this reduction offers a significant glimmer of hope for Nigerians who are struggling with the escalating costs of transportation and essential goods.

Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has confirmed the price drop.

He assured the public that this development is part of a broader and ongoing effort to bring down the overall cost of fuel for consumers.

His comments follow the recent directive from the Federal Executive Council (FEC) to fully implement the controversial Naira-for-Crude agreement.

This policy is expected to play a crucial role in stabilising local refining costs and reducing reliance on foreign exchange.

After experiencing some delays in approval, the Federal Executive Council finally gave the green light for the full implementation of the Naira-for-Crude initiative on Wednesday.

Also read: Dangote set to transform Ogun with largest seaport, cement factory projects

The government has emphasised that this policy is not a temporary measure but rather a long-term strategic approach aimed at reducing Nigeria’s dependence on foreign currency for its petroleum needs, thereby strengthening local refining capabilities and ensuring greater price stability in the future.