Dangote Refinery Reduces Petrol Price To ₦865 Amid Ongoing Policy Support.
In a welcome development for consumers, the Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦865 per litre. This marks a ₦15 decrease from the previous price of ₦880 per litre recorded just a day earlier.
According to Punch, the refinery communicated the new price in a customer notice issued on Thursday morning. The adjustment has also been confirmed by industry tracker petroleumprice.ng.
This price reduction follows recent developments concerning the federal government’s crude-for-naira initiative, which had experienced a temporary suspension earlier in the year. The refinery had previously shifted to dollar-based sales after the suspension of the naira-for-crude deal but appears to be adjusting pricing in anticipation of renewed government support.
Oil marketers, including MRS, have already begun lifting petrol from the Dangote Refinery, which remains Africa’s largest, boasting a production capacity of 650,000 barrels per day.
The pricing update comes shortly after a strategic meeting held by the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative. The committee reaffirmed the federal government’s commitment to continuing the naira-for-crude policy as a long-term measure aimed at enhancing local refining, stabilising fuel prices, and reducing reliance on foreign exchange.
The high-level meeting, convened on Tuesday, was attended by key stakeholders including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who chairs the Implementation Committee; Executive Chairman of the Federal Inland Revenue Service (FIRS) and Sub-Committee Chair, Zacch Adedeji; and Dapo Segun, Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL).
Also in attendance were the Coordinator of NNPCL Refineries, NNPC Trading executives, representatives from Dangote Petroleum Refinery and Petrochemicals, and top officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), and Afreximbank, alongside Committee Secretary, Hauwa Ibrahim.
The Dangote Refinery’s latest move may provide temporary relief to motorists and businesses, and signals renewed cooperation between domestic refiners and federal authorities in tackling fuel affordability and economic pressures.
