Dangote Refinery Declares Additional Cut in Fuel Pump Prices
There are signs that petroleum pump prices are likely to continue decreasing, as Dangote Refinery has announced a reduction in its ex-gantry loading cost for petrol to N865 per litre. This update was communicated to customers in a notice issued Thursday morning, reflecting a N15 drop from the previous price of N880 per litre reported on Wednesday.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, reassured the public about the price decline in light of the Federal Executive Council’s recent directive concerning the naira-for-crude agreement.
This announcement follows Wednesday’s meeting of the Federal Executive Council, which, after an initial postponement, mandated the full implementation of the previously suspended naira-for-crude agreement with local refiners. The initiative with domestic refineries is described not as a temporary fix, but as a “key policy directive aimed at fostering sustainable local refining.”
The Ministry of Finance shared this information in a statement on its official X account titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” This statement was released after a meeting on Tuesday between Finance Minister Wale Edun and representatives from Dangote Refinery, a primary beneficiary of the agreement, to review progress and discuss implementation challenges.
“The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative held an update meeting on Tuesday to assess progress and address ongoing implementation concerns. The stakeholders reiterated the government’s unwavering commitment to fully executing this strategic initiative as directed the Federal Executive Council.
“As such, the Crude and Refined Product Sales in Naira initiative is not merely a temporary solution but an essential policy directive aimed at promoting sustainable local refining, enhancing energy security, and decreasing dependence on foreign exchange in the domestic petroleum market,” the statement concluded
Dangote Refinery Declares Additional Cut in Fuel Pump Prices
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