Implementation Of Naira-For-Crude Policy: Dangote Refinery Slashes Petrol Price

Following the directive by the Federal Government for the full implementation of the Naira-for-crude policy, Dangote Refinery on Thursday, April 10, 2025, announced a downward review of its ex-gantry loading cost to N865 per litre.

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

Marketers had earlier informed that the 650,000 barrels Dangote refinery was expected to lower its petrol loading costs by the end of this week which would further contribute to the reduction in fuel prices.

National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Ukadike, had while commenting on the Federal Executive Council’s directive for the implementation of the Naira-for-crude policy, said that there would be a drop in the price of petrol.

The Federal Executive Council (FEC), on Wednesday, after an initial delay, directed the full implementation of the suspended Naira-for-Crude policy of the government for local refiners, saying that the initiative with local refineries was not a temporary measure, but a key policy directive designed to support sustainable local refining.

The Federal Ministry of Finance which stated this on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative,” said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.

The statement followed a meeting on Tuesday between the Minister of Finance, Mr 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 initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.

It said; “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market,” the committee explained.