By Omowumi Omotosho
The Dangote Refinery has officially notified marketers and clients of a reduction in its ex-depot petrol price, now set at N865 per litre.
This price cut marks a N15 drop from the previous rate of N880 per litre, which was recorded just a day earlier.
The decision comes on the heels of the federal government’s move to resume the suspended Naira-for-crude agreement, a development that has sparked discussions within the energy sector.
On Wednesday, the Federal Executive Council gave the green light for the full reinstatement of the Naira-for-Crude deal after an initial pause.
It said the initiative with local refineries is not a temporary measure but a ‘key policy directive designed to support sustainable local refining.’”
According to a post made by the Ministry of Finance on its verified X account, the announcement was made under the heading: “Update on the Crude and Refined Product Sales in Naira Initiative.”
The ministry’s update followed a meeting held on Tuesday involving Finance Minister Wale Edun and executives from Dangote Refinery—one of the primary beneficiaries of the agreement—to evaluate its implementation and resolve any outstanding issues.
The government emphasized the long-term importance of the Naira-for-Crude policy, especially in light of the country’s efforts to reduce its reliance on foreign exchange for fuel procurement.
It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
