Dangote Refinery has announced a reduction in the petrol price to ₦865 per litre.
This development was disclosed through a notice issued on Thursday morning.
The new price reflects a ₦15 drop from Wednesday’s previous rate of ₦880 per litre.
This announcement comes just hours after the Federal Executive Council directed the full implementation of the previously suspended Naira-for-Crude agreement with local refiners. The move is expected to enhance Nigeria’s energy security and reduce reliance on foreign exchange.
SaharaReporters earlier reported that the Ministry of Finance shared the update on Wednesday via its official X handle under the title “Update on the Crude and Refined Product Sales in Naira Initiative.”
The first phase of the deal — involving the Federal Government, the Nigerian National Petroleum Company Limited (NNPCL), and Dangote Petroleum Refinery — concluded on March 31, 2025.
Following a meeting on Tuesday to assess progress and address ongoing issues, the committee clarified that the initiative is not a short-term measure but a long-term policy aimed at reducing Nigeria’s dependence on foreign exchange for petroleum products.
The statement affirmed that the programme is “a crucial strategy to promote sustainable local refining and bolster energy security.”
The committee noted, “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,” it further emphasised.
Meanwhile, SaharaReporters also noted that the federal government had denied reports claiming it had terminated the crude-for-naira agreement with Dangote Refinery.
The denial followed media reports suggesting that NNPCL had ended the arrangement.
However, in a statement released Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, dismissed these claims.
The statement, titled “Clarification on the Naira Crude Contract Between NNPC Limited and Dangote Refinery,” explained that the agreement for crude oil sales in naira was structured as a six-month contract set to expire at the end of March 2025.
It read: “NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC Ltd. and Dangote Refinery.
“To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract.
“Under this arrangement, NNPC Ltd. has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC Ltd. has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.”
