The Dangote Petroleum Refinery has reduced the price of petrol at its gantry to N865 per litre.
According to sources, the refinery reduced the price of the product sold to oil marketers by N15 — from the N880 per litre sold by the facility on Wednesday.
Anthony Chiejina, group chief of corporate communications, Dangote refinery, confirmed the reduction.
However, Billy Gillis-Harris, president of Products Retail Outlet Owners Association of Nigeria (PETROAN), told TheCable that the “refinery reduced the price to N865 per litre”.
The development comes a day after the federal government said the naira-for-crude oil deal will continue after the first phase ended on March 31.
According to a statement by the ministry of finance, after a meeting with stakeholders, they reaffirmed the government’s continued commitment to the full implementation of the strategic initiative, as directed by the federal executive council (FEC).
“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 reads.
The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.
On March 19, the Dangote refinery said it had temporarily halted the sale of petroleum products in naira.
