Dangote Petroleum Refinery and Petrochemicals has reduced its ex-depot petrol loading price to ₦865 per litre, trimming ₦15 from its previous rate of ₦880. The $20 billion facility, which informed marketers and customers of the change on Thursday, confirmed the development through a company official.
The reduction has been reflected on petroleumprice.ng, and major fuel marketers such as MRS Oil & Gas, Ardova Plc, and Heyden—who maintain special supply agreements with the refinery—are expected to adjust pump prices to around ₦910 from the current ₦925.
The development follows a strategic meeting earlier in the week between Dangote Refinery officials and the Minister of Finance. During the engagement, the federal government reaffirmed its commitment to the naira-for-crude policy, describing it not as a temporary fix, but a crucial long-term approach to sustaining local refining and easing pressure on the US dollar.
The initiative, first introduced by the Federal Executive Council in July 2024, mandated the Nigerian National Petroleum Company Limited (NNPCL) to supply crude oil to local refineries in Naira instead of US dollars. This was aimed at promoting price stability in the local fuel market and strengthening the country’s foreign exchange position.
However, in March 2025, the NNPCL announced the expiration of its six-month Naira-denominated crude supply deal with the Dangote Refinery, leading the company to suspend local sales. In a statement, Dangote Refinery explained that selling its products in Naira while buying crude in dollars created an unsustainable mismatch in its operations. This decision triggered a sharp increase in petrol prices at the pump, rising from around ₦860 to over ₦1,000 per litre within days.
The situation prompted immediate government intervention. President Bola Tinubu dissolved the former NNPCL board led by Mele Kyari and appointed a new leadership, naming Bashir Ojulari as Group Chief Executive Officer and Ahmadu Kida as Non-Executive Chairman.
With the naira-for-crude policy now reinstated and crude oil supplies to Dangote Refinery resumed in local currency, experts anticipate a gradual stabilization in fuel prices. Nigerians, who have faced surging costs driven by dollar-linked fuel imports, are expected to feel some relief as domestic refining regains momentum under the renewed policy direction.
