Dangote Refinery Slashes Petrol Price to N865

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The Dangote Petroleum Refinery has reduced the ex-depot (ex-gantry) price of its premium motor spirit (PMS) from ₦880 to ₦865 per litre.

The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday.

An official of the $20 billion refinery confirmed the development on Thursday in a statement to newsmen, stating that marketers and distributors had already been informed of the new price.

This adjustment comes amid ongoing concerns over high fuel costs and its impact on inflation and transportation across the country.

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Recall, Economic Confidential had reported that the Federal Executive Council, on Wednesday after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

It said 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, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.

The committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.