In a move aimed at easing the financial burden on consumers, Dangote Refinery has slashed its ex-depot petrol price to N865 per litre.
This adjustment, announced in a customer notice issued Thursday morning, marks a N15 reduction from the previous rate of N880 per litre recorded on Wednesday.
With this change, filling stations such as MRS Oil & Gas, Ardova Plc, and Heyden Petroleum, companies that maintain direct supply agreements with Dangote Refinery, are expected to align their pump prices accordingly.
Industry insiders anticipate pump prices to settle around N910 per litre, in reflection of the updated ex-depot rate.
The price adjustment coincides with the Federal Government’s reinstatement of its “naira-for-crude” initiative, formally known as the Crude and Refined Product Sales in the Naira Initiative.
Under this policy, local refineries are permitted to purchase crude oil in naira rather than in foreign currency, a measure designed to boost local refining capacity, conserve dwindling foreign reserves, and alleviate stress across Nigeria’s energy supply chain.
Earlier in the year, the Nigerian National Petroleum Company Limited (NNPC) had discontinued the naira-for-crude policy with Dangote Refinery, ending a six-month arrangement that lasted from October 2024 through March 2025.
That decision pushed local refiners into sourcing crude with U.S. dollars, significantly increasing operational costs and tightening fuel supply across the country.
Now, with the naira-for-crude policy back in play, analysts see the Dangote Refinery’s price drop as an early indicator of renewed stability within Nigeria’s downstream oil sector, a development that could bring welcome relief to both marketers and motorists alike.
