- Safiu Kehinde
Dangote Refinery has slashed its ex-depot price of petrol from N880 to N865 per litre.
This was disclosed in a post shared on X on Thursday.
While the development is yet to be officially confirmed, marketers and customers have been reportedly notified about the reduction in the ex-gantry loading price.
According to report, the adjustment comes in the wake of the Federal Executive Council’s directive for the full implementation of the Naira-for-Crude agreement with local refineries, including Dangote.
NPO Reported Dangote’s initial suspension of fuel sales in Naira following the crash of the Naira-for-Crude deal with the Nigerian National Petroleum Company (NNPC) Limited.
Announcing the suspension of the fuel sales, Dangote had stated that the decision was made to avoid mismatch between the refinery’s sales proceeds and its crude oil purchase obligations, which are currently denominated in U.S. dollars.
The FG’s however, saw the refinery back on the negotiation table.
Having initially experienced delays, the deal was reaffirmed on Wednesday as a long-term strategy to bolster local refining capacity and reduce Nigeria’s reliance on foreign exchange for petroleum products.
More details later…