Breaking: Dangote Refinery reduces petrol price
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This surprise move comes just days after industry insiders hinted at a possible price cut, with the refinery's 650,000 barrels per day facility expected to lower its petrol loading costs by the end of this week.
Dangote Refinery has announced a major reduction in its ex-gantry loading cost, slashing the price to N865 per litre – a N15 drop from the previous price of N880.
This bold step is expected to significantly impact fuel prices nationwide, the Punch reports on Thursday.
Marketers and customers were swiftly notified of the change, with the Dangote refinery sending out official communications early Thursday morning.
Our sources confirmed the new pricing, backed by a Pro forma invoice and verification from petroleumprice.ng.
This surprise move comes just days after industry insiders hinted at a possible price cut, with the refinery’s 650,000 barrels per day facility expected to lower its petrol loading costs by the end of this week.
As the country battles high fuel prices, this reduction offers a glimmer of hope for Nigerians struggling with the cost of transportation and goods.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, confirmed the price drop, assuring the public that this is part of broader efforts to bring down fuel prices.
His comments come after the Federal Executive Council’s recent directive to implement the controversial Naira-for-Crude agreement, which will help stabilise local refining costs.
Following a delayed approval, the Federal Executive Council finally greenlighted the full implementation of the Naira-for-Crude initiative on Wednesday, promising that this is no mere stopgap.
The policy is a long-term strategy aimed at reducing Nigeria’s reliance on foreign exchange for petroleum, thereby fortifying local refining capabilities.
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