In a move set to impact Nigeria’s downstream sector, Dangote Refinery has reduced the pump price of petrol to ₦865 per litre, down from ₦880 the day before — a ₦15 drop that reflects deepening momentum behind Nigeria’s crude-for-naira strategy.
The price cut was announced Thursday morning, coming just hours after the Federal Executive Council (FEC) ordered the full implementation of the long-awaited Naira-for-Crude initiative — a policy designed to strengthen local refining, ease forex pressure, and secure Nigeria’s energy future.
GOVT DOUBLES DOWN ON LOCAL REFINING PUSH
The Ministry of Finance had earlier shared updates on the initiative via its official X handle under the banner “Update on the Crude and Refined Product Sales in Naira Initiative.”
The programme, involving the Federal Government, the Nigerian National Petroleum Company Limited (NNPCL), and Dangote Petroleum Refinery, concluded its first six-month phase on March 31, 2025. But government insiders say this is only the beginning of a long-term strategy.
“This is not a short-term measure,” a statement from the policy’s steering committee clarified.
“It’s a strategic directive aimed at sustainable local refining and energy independence.”
The Technical Sub-Committee overseeing the rollout met on Tuesday to review the implementation and reaffirmed that all stakeholders — including NNPCL and Dangote Refinery — remain fully committed.
“This policy is a permanent fixture, not a quick fix,” the committee emphasized.
CONFUSION CLEARED ON NNPCL-DANGOTE AGREEMENT
Amid media speculation that the crude-for-naira agreement had been cancelled, NNPCL swiftly issued a clarification, stating that the original deal was a six-month arrangement set to end March 2025, and a new contract is already under discussion.
“NNPC Ltd. has made over 48 million barrels of crude available to Dangote Refinery since October 2024,” said Olufemi Soneye, Chief Corporate Communications Officer for NNPCL.
“In total, over 84 million barrels have been supplied since the refinery began operations in 2023.”
NNPCL reaffirmed its commitment to continue supplying crude oil for local refining on mutually agreed terms, underlining that the strategy remains central to Nigeria’s economic reform agenda.
