₦airaland Forum

As exclusively predicted by The PUNCH, the Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to N865 per litre.

The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday.

Our correspondent gathered that the refinery informed its customers in a notice sent out on Thursday morning.

A Pro forma invoice was sighted by our correspondent and checks into petroleumprice.ng also confirmed the development.

Recall that marketers had exclusively informed our correspondent that the 650,000 barrels refinery was anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement.

On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”

The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.

The committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.

It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.

The statement read, “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.”

Meti99:
Dangote just dey drive Nigeria front and back I hope he won't drive Nigeria crazy someday

FalseProphet1:
I see fuel dropping to N200 per liter before the end of this year.

This I have seen.

Agbegbaorogboye:
The price is still too high for the realities of the common man

Saga16:
Wait for Chibuzor to explain how it is a bad thing.

iwaeda:
Nlfpmod, remove N5 to add N20 tomorrow, remove N3 next tomorrow.

alizma:
Good one, the new NNPC MD should give Dangote crude for naira, hopefully wile can see the price coming down to 700 soon.

dododawa1:
Not accepted






We wants #300 per litre

uniquelyspecial:
Who is Chibuzor?