In a move poised to relieve consumers, the Dangote Petroleum Refinery has reduced its ex-depot petrol price from ₦880 to ₦865 per litre.
A refinery official confirmed the development on Thursday, April 10, following renewed collaboration between the federal government and the $20 billion facility.
The price slash follows a crucial meeting on Tuesday, April 8, between refinery representatives and the Minister of Finance, Wale Edun.
The session reaffirmed the continuation of the naira-for-crude policy, a strategic government initiative aimed at promoting local refining and reducing the nation’s reliance on dollar transactions.
FG’s commitment to naira-for-crude deal
“This is not a temporary fix,” a government official stated after the meeting. “The naira-for-crude initiative is a key policy directive designed to support sustainable local refining.”
The Federal Executive Council first approved the policy in July 2024, instructing the Nigerian National Petroleum Company Limited (NNPCL) to supply crude oil to local refineries, including Dangote, in naira rather than dollars.
The aim was to reduce pressure on foreign exchange reserves and stabilise fuel prices. However, the agreement hit a snag in March 2025 when the NNPCL, under then-Group CEO Mele Kyari, announced that the deal was only valid for six months and had expired.
Dangote Refinery subsequently suspended local sales in naira, citing a mismatch between its dollar-denominated crude obligations and naira revenues.
The fallout led to a sharp hike in petrol prices, with pump prices soaring from ₦860 to over ₦1,000 per litre.
Following public outcry and market instability, President Bola Tinubu intervened by dissolving the NNPCL Board and appointing a new leadership headed by Bashir Ojulari as Group Chief Executive Officer and Ahmadu Kida as non-executive chairman.
With the policy now reinstated, industry watchers expect a gradual stabilisation of fuel prices. The Dangote Refinery has already resumed its commitment to selling refined products in naira, contingent upon receiving naira-denominated crude cargoes from the NNPCL.
Experts suggest the policy’s resumption could significantly ease pressure on the US dollar and usher in more predictable fuel pricing, offering much-needed relief to Nigerian consumers.
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