LAGOS, Nigeria — Dangote Petroleum Refinery and Petrochemicals has reduced its ex-depot loading cost of petrol from N880 to N867 per litre, a move expected to reflect in lower pump prices across the country.
The $20 billion refinery informed its marketers and customers of the price reduction on Thursday, April 10, 2025.
An official at the refinery confirmed the new price, adding that the decrease of N13 per litre would result in a marginal reduction in pump prices at filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with Dangote Refinery.
Following the price slash, petrol at these stations is expected to decrease from around N925 to approximately N910 per litre.
This adjustment comes after a recent meeting between Dangote Refinery representatives and Nigeria’s Finance Minister Wale Edun on Tuesday, April 8, 2025, where it was confirmed that the Naira-for-Crude initiative remains in effect.
The initiative, introduced by the government in 2024, mandates the sale of crude oil to local refineries in Naira instead of US dollars, aiming to ease pressure on the Nigerian Naira and stabilize fuel prices.
The Federal Executive Council (FEC) had directed the Nigerian National Petroleum Corporation Limited (NNPCL) to ensure the continued Naira sales, but a temporary halt to the policy occurred in March 2025.
The temporary cessation of Naira-denominated sales by Dangote Refinery earlier this year resulted in a significant jump in petrol prices, with the cost of fuel rising from around N860 to over N1,000 per litre.
However, with the resumption of the Naira-based agreement, fuel prices are expected to stabilize, offering some relief to Nigerian consumers.
Dangote Refinery has stated that it will resume sales in Naira as soon as it receives crude cargoes from the NNPCL under the Naira-based framework.
Experts believe that this move will reduce the strain on the dollar and help stabilise the local fuel market.
