In a significant development for Nigeria's energy sector, Dangote Refinery has announced a reduction in the pump price of petrol to ₦865 per litre, down from the previous rate of ₦880.
This ₦15 decrease was disclosed through an official notice released on Thursday morning, April 10, 2025.
The price cut aligns with the Federal Executive Council's recent directive to fully implement the Naira-for-Crude agreement with local refiners, a policy aimed at enhancing Nigeria's energy security and reducing reliance on foreign exchange.
The initiative, involving the Federal Government, the Nigerian National Petroleum Company Limited (NNPCL), and Dangote Petroleum Refinery, concluded its first phase on March 31, 2025.
A committee overseeing the policy emphasized that the Naira-for-Crude initiative is not a temporary measure but a long-term strategy to promote sustainable local refining. The committee stated, “This strategic initiative is designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
Addressing recent media reports suggesting the termination of the crude-for-naira agreement, NNPCL's Chief Corporate Communications Officer, Olufemi Soneye, clarified that the contract was structured as a six-month agreement set to expire at the end of March 2025.
He added that discussions are ongoing towards establishing a new contract, reaffirming NNPCL's commitment to supplying crude oil for local refining based on mutually agreed terms.
Since October 2024, NNPCL has made over 48 million barrels of crude oil available to Dangote Refinery, contributing to a total of over 84 million barrels supplied since the refinery commenced operations in 2023.
This price reduction by Dangote Refinery is expected to provide relief to consumers and reflects the government's efforts to stabilize the petroleum market through strategic partnerships and policy implementations.
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Tags:
crude oil supply
Dangote refinery
energy security
Fuel Subsidy
local refining
Naira-for-Crude policy
Nigerian economy
Nigerian energy sector
NNPCL
petrol price reduction