The Dangote Refinery has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, from N880 to N865 per litre at its loading gantry. This was confirmed through a notice sent to marketers on Thursday morning and verified on petroleumprice.ng.
The move comes as anticipated by marketers who earlier hinted that the 650,000 barrels-per-day refinery would lower loading prices by the end of the week a move expected to further drive down fuel prices across the country.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), assured Nigerians of a likely drop in pump prices following the Federal Executive Council’s (FEC) renewed push for the naira-for-crude initiative with local refiners.
At its Wednesday meeting, the FEC resolved to fully implement the previously stalled initiative, which allows local refineries to purchase crude oil in naira instead of foreign exchange. The decision is aimed at boosting sustainable local refining and cutting Nigeria’s dependence on imported petroleum products.
In a post titled “Update on the Crude and Refined Product Sales in Naira Initiative” on its official X handle, the Federal Ministry of Finance reiterated that the policy is a long-term strategic directive, not a temporary fix.
Following a meeting between Finance Minister Wale Edun and Dangote Refinery representatives on Tuesday, the Technical Sub-Committee reaffirmed government commitment to the initiative, describing it as essential for energy security and reducing reliance on foreign exchange in the petroleum sector.
The statement emphasized that the naira-for-crude model is key to supporting local refining capacity and ensuring a more stable, self-reliant fuel market in Nigeria.
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Olawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.
