The Dangote Petroleum Refinery and Petrochemicals has taken further step in its quest to give relief to Nigerians and reduced the ex-depot (gantry) price of petrol to ₦865 per litre.
Sources also confirmed that the $20 billion refinery notified its marketers and customers of the new pricing on Thursday.
An official from the refinery also confirmed the price adjustment from ₦880 to ₦865 per litre.
Following the price drop, fuel stations such as MRS Oil & Gas, Ardova Plc, Heyden, and others with exclusive supply arrangements with the refinery are expected to lower their pump prices to around ₦910 per litre in response to the revised rate.
It is instructive to note that the reduction comes shortly after a meeting between officials from the Dangote Refinery and the Minister of Finance, Wale Edun, held on Tuesday.
The Federal Government had earlier reiterated its commitment to the Crude and Refined Product Sales in Naira initiative, describing it as important to alleviating the country’s foreign exchange (forex) pressures and ensuring long-term energy security.
The Federal Government stated that the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
This reaffirmation came during a high-level update meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira held on Tuesday.
The session was convened to assess progress and address ongoing implementation challenges associated with the strategic policy.
The meeting was chaired by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who also serves as Chairman of the overarching Implementation Committee. He was joined by Mr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee.
Also in attendance were senior officials from across the oil and gas value chain, including the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun, representatives from NNPC Refineries and NNPC Trading, Dangote Petroleum Refinery and Petrochemicals, as well as key regulatory stakeholders such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), and a representative of Afreximbank.
