Once more, Dangote Refinery slashes petrol price to ₦865/litre
The Dangote Petroleum Refinery and Petrochemicals has reduced its ex-depot (gantry) price of petrol to ₦865 per litre.
Sources confirmed that the $20 billion refinery notified its marketers and customers of the new pricing on Thursday in a move expected to relieve consumers and commuters.
A refinery official confirmed the development on Thursday, April 10, following renewed collaboration between the federal government and the Dangote oil facility.
The price slash follows Tuesday’s crucial meeting between refinery representatives and the Minister of Finance, Wale Edun which
The session reaffirmed the continuation of the naira-for-crude policy, a strategic government initiative aimed at promoting local refining and reducing the nation’s reliance on dollar transactions.
“This is not a temporary fix,” a government official stated after the meeting. “The naira-for-crude initiative is a key policy directive designed to support sustainable local refining.”
The Federal Executive Council first approved the policy in July 2024, instructing the Nigerian National Petroleum Company Limited (NNPCL) to supply crude oil to local refineries, including Dangote, in naira rather than dollars.
The aim was to reduce pressure on foreign exchange reserves and stabilise fuel prices. However, the agreement hit a snag in March 2025 when the NNPCL, under then-Group CEO Mele Kyari, announced that the deal was only valid for six months and had expired.
Dangote Refinery subsequently suspended local sales in naira, citing a mismatch between its dollar-denominated crude obligations and naira revenues.
The fallout led to a sharp hike in petrol prices, with pump prices soaring from ₦860 to over ₦1,000 per litre.
Following public outcry and market instability, President Bola Tinubu intervened by dissolving the NNPCL Board and appointing a new leadership headed by Bashir Ojulari as Group Chief Executive Officer and Ahmadu Kida as non-executive chairman.
With the policy now reinstated, industry watchers expect a gradual stabilisation of fuel prices. The Dangote Refinery has already resumed its commitment to selling refined products in naira, contingent upon receiving naira-denominated crude cargoes from the NNPCL.
Experts suggest the policy’s resumption could significantly ease pressure on the US dollar and usher in more predictable fuel pricing, offering much-needed relief to Nigerian consumers.
Now, following the price drop, fuel stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with exclusive supply arrangements with the refinery are expected to lower their pump prices to around ₦910 per litre in response to the revised rate.