Dangote Refinery slashes petrol price amid naira-for-crude implementation
The Dangote refinery announced a reduction in its ex-gantry loading cost to N865 per litre, a drop of N15 from the previous price of N880 per litre set on Wednesday.
This decision comes in response to the recent directive from the Federal Executive Council regarding the implementation of the naira-for-crude agreement with local refiners.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, confirmed the price reduction, assuring the public of the positive impact of the Federal Executive Council’s decision.
The council emphasized that the implementation of the Naira-for-Crude agreement is aimed at promoting sustainable local refining, reinforcing the country’s energy security.
A statement by the Ministry of Finance detailed that the initiative is not just a short-term measure but a crucial policy designed to decrease Nigeria’s dependence on foreign currency for petroleum purchases. This update was shared following a meeting between Finance Minister Wale Edun and representatives from Dangote Refinery, addressing the progress of the initiative and other implementation matters.
The Technical Sub-Committee on the Crude and Refined Product Sales in Naira highlighted the government’s commitment to the full realization of this strategic initiative.
The meeting reinforced that the effort to support sustainable local refining and bolster the domestic market is a long-term objective, aimed at ensuring energy security and reducing foreign exchange reliance.
Source: PUNCH
