Get Guardian on GoogleBy Oluyemi Ogunseyin
Dangote Refinery has slashed the price of a litre of petrol to N865 in a notice to customers on Thursday morning.
The new price announced by Dangote refinery sees a reduction of N15 from the N880 per litre it sold the product on Wednesday.
On Wednesday, the Federal Executive Council (FEC), after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.
According to the FEC, 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, representatives from Dangote Refinery, NNPCL, CBN, FIRS and other top government officials.
The ministry said, “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.”
