Dangote Refinery has announced a reduction in the ex-gantry loading cost of petrol, bringing the price down to ₦865 per litre.

A Pro forma invoice seen by The PUNCH and confirmed by petroleumprice.ng supported the capacity of 650,000 barrels per day, would reduce its petrol loading costs by the end of the week.

The price drop is seen as a significant step in further lowering fuel prices in the country.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, reassured the public that the price reduction is part of a broader effort to stabilize fuel costs and improve access to affordable fuel across Nigeria.

The agreement, which aims to reduce Nigeria’s reliance on foreign exchange for petroleum, has been emphasized as a long-term policy to support sustainable local refining and strengthen energy security in the country.

The Ministry of Finance confirmed that the Naira-for-Crude initiative is not a temporary measure but a strategic move to bolster Nigeria’s local refining capacity and ensure a more stable energy supply.

“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,” the statement read.