Dangote Refinery Reduces Petrol Prices, Resumes Naira Sales
In a major relief for Nigerian motorists and businesses, the Dangote Refinery has resumed the sale of petroleum products in naira after a 22-day suspension. The refinery has also reduced its ex-depot price from ₦880 to ₦865 per litre—a move expected to lower fuel prices across the country.
Key Developments:
Naira Sales Resume: Dangote Refinery has resumed selling petrol to marketers in naira, following a temporary halt
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Price Reduction: The refinery slashed its ex-depot price by ₦15, now selling at ₦865 per litre.
Impact on Fuel Costs: This reduction is expected to lead to cheaper petrol at filling stations nationwide.
Government Policy Backing: The Federal Executive Council (FEC) has reaffirmed the naira-for-crude oil policy, ensuring long-term support for local refineries.
Why This Matters for Nigeria
1. Cheaper Fuel for Nigerians
With the new price adjustment, fuel stations (including major players like MRS, Ardova, and Heyden) are expected to lower pump prices to around ₦910 per litre, easing the financial burden on consumers.
2. Strengthening the Naira
By selling petrol in naira instead of dollars, the refinery reduces pressure on Nigeria’s foreign exchange market, helping stabilize the local currency.
3. Boosting Local Refining
The naira-for-crude policy ensures that local refiners like Dangote receive crude oil in naira, promoting energy security and reducing dependence on imported fuel.
4. Mixed Reactions from Marketers
While consumers celebrate the price drop, some marketers who bought fuel at the previous rate (₦880) may face losses. However, the long-term benefits include more stable and competitive pricing.
What’s Next?
Further price reductions may follow if global crude oil prices remain stable.
Increased competition among private depots could drive prices even lower.
Government oversight will be crucial to prevent arbitrary price hikes by retailers.
Final Thoughts
The Dangote Refinery’s decision to resume naira sales and cut petrol prices is a major win for Nigeria’s economy. With sustained government policies and increased local refining capacity, Nigerians can look forward to more affordable fuel and a stronger naira.
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