For the second time in April, the Dangote Petroleum Refinery and Petrochemicals has cut the ex-depot (gantry) price of petrol, slashing the cost from ₦867 to ₦835 per litre.
The Lagos-based $20 billion refinery communicated the new pricing to its marketers and customers on Wednesday, with an official confirming the development to newsmen. The refinery is expected to release an official statement soon.
Independent checks on petroleumprice.ng also confirmed the adjusted gantry price on Wednesday afternoon.
Retailers such as MRS Oil & Gas, Ardova Plc, Heyden, and other outlets special supply agreements from the Dangote Refinery are anticipated to reduce their pump prices to below ₦900 per litre, in line with the lower depot rate.
The price reduction follows a strategic meeting last week between Dangote Refinery officials and the Minister of Finance, Wale Edun.
At the end of the meeting, the government said that the naira-for-crude was still in effect and that the initiative was not a temporary measure but a “key policy directive designed to support sustainable local refining”.
The federal government clarified that the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its former boss Mele Kyari which tenured the initiative.
For decades, Nigeria, Africa’s most populous country, has grappled with persistent energy challenges, largely driven by an unreliable electricity supply that continues to cripple productivity and economic growth.
Despite being a major oil-producing nation, all state-owned refineries remained dormant for years, leaving the country heavily dependent on imported refined petroleum products. The Nigerian National Petroleum Company (NNPC), the state-run oil giant, served as the primary importer until the recent shift brought about by the Dangote Refinery’s commencement of production.
Since President Bola Tinubu removed the fuel subsidy in May 2023, the price of petrol has soared from around ₦200/litre to nearly ₦1000/litre, marking a fivefold increase. This dramatic surge has worsened the plight of Nigerians, many of whom rely on petrol-powered vehicles and generators to cope with the nation’s chronic electricity shortages.
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