The Dangote Refinery has notified marketers and customers of a reduction in its the price of Premium Motor Spirit (PMS) popularly called petrol at the point of loading from the refinery’s gantry from N880 to N865 per litre.
The refinery notified its customers through a notice sent on Thursday morning, which was also seen by reporters and confirmed through on petroleumprice.ng.
Recall that marketers had exclusively informed our correspondent that the 650,000 barrels refinery was anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, assured the public that prices are set to drop following the Federal Executive Council’s directive regarding the naira-for-crude agreement.
The FEC on Wednesday decided to fully implement the previously suspended naira-for-crude initiative with local refiners, after an initial delay.
According to the Council, this initiative is not a temporary measure, but a key policy directive aimed at supporting sustainable local refining.
The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.”
The statement followed a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery to review progress and address ongoing implementation matters.
The committee said the policy was not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
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.
“Thus, 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.”
