JUST-IN: Dangote Refinery Cuts Petrol Loading Price by N15
The Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, at the point of loading from N880 to N865 per litre. This price adjustment was communicated to marketers and customers via a notice sent on Thursday morning and confirmed by reporters and the website petroleumprice.ng.
This move aligns with earlier expectations that the 650,000 barrels per day refinery would reduce petrol loading costs by the end of the week, contributing to lower fuel prices across the country.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), assured the public that further price drops are imminent following the Federal Executive Council’s (FEC) decision to fully implement the naira-for-crude policy with local refiners.
On Wednesday, the FEC confirmed its commitment to the previously delayed initiative, describing it as a key, long-term policy to reduce Nigeria’s reliance on foreign exchange for petroleum imports and support local refining.
In a statement published on the Ministry of Finance’s official X handle, it was clarified that the naira-for-crude initiative is not a temporary measure but a strategic move aimed at enhancing energy security and reducing Nigeria’s dependence on imported fuel.
The ministry’s statement read, “The initiative is designed to support sustainable local refining and reduce reliance on foreign exchange in the domestic petroleum market, reinforcing the government’s commitment to energy security.”
