The Dangote Petroleum Refinery and Petrochemicals has reduced the ex-depot price of petrol from ₦880 to ₦867 per litre following a strategic meeting with the Ministry of Finance. The ₦13 reduction marks the latest adjustment aimed at relieving pressure on petrol prices and stabilizing the domestic energy market.
The refinery communicated the updated price to its marketers and partners early Thursday. This revision, confirmed by petroleumprice.ng and media sources, is expected to reflect at the pump, particularly at filling stations such as MRS Oil & Gas, Ardova Plc, and Heyden Petroleum. These stations, which have supply agreements with Dangote Refinery, are now anticipated to adjust their prices to approximately ₦910 per litre, down from the previous average of ₦925.
The price drop comes in the wake of the Federal Government’s reaffirmation of the naira-for-crude policy, which permits local refineries to purchase crude oil in naira instead of US dollars. Initially introduced by the Federal Executive Council in July 2024, the policy was designed to ease pressure on the naira, ensure fuel availability, and stabilize local prices. However, in March 2025, the Nigerian National Petroleum Company Limited (NNPCL) allowed the agreement to lapse after a six-month window, citing its temporary nature. This led to the suspension of naira-based crude sales by Dangote Refinery and triggered a sharp surge in fuel prices nationwide.
The government’s response was swift and decisive. President Bola Tinubu terminated the appointment of Mele Kyari as NNPCL Group Chief Executive Officer along with the entire board. A new board, led by Bashir Ojulari as CEO and Ahmadu Kida as non-executive chairman, was appointed to reset the policy direction. Shortly after, the presidency confirmed that the naira-for-crude initiative would resume immediately as a permanent strategy to support sustainable local refining.
This return to naira-denominated crude supply has allowed Dangote Refinery to revise its fuel pricing downward once again. The adjustment offers a modest but welcome relief to Nigerians who recently faced pump prices approaching ₦1,000 per litre. Industry stakeholders say that this shift will help to ease pressure on the foreign exchange market, encourage more competitive pricing by local refiners, and restore some purchasing power for consumers.
Though this development is encouraging, analysts caution that market volatility and inflationary trends remain significant challenges. Nevertheless, the resumed naira-for-crude arrangement is widely seen as a necessary measure to improve the affordability of fuel in Nigeria, reduce dependency on dollar-denominated fuel imports, and boost investor confidence in the domestic refining sector.
With this policy firmly back in place, more stability is expected in the months ahead. As the Dangote Refinery receives more crude supplies in naira, further price adjustments could follow, aligning with the government’s broader economic reform agenda.
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