After a 22-day suspension, Dangote Refinery has resumed the sale of refined petroleum products in naira, a move expected to ease fuel prices across Nigeria. The 650,000-barrel-per-day facility also announced a reduction in its ex-depot price, lowering the ex-gantry rate to ₦865 per litre—a ₦15 decrease from the previous rate of ₦880.
The new pricing was confirmed through a notice issued to marketers on Thursday, accompanied by a Pro forma invoice and verification on petroleumprice.ng. The price includes charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). However, while petrol (PMS) sales in naira have resumed at the gantry, sales via coastal vessels remain suspended, and other refined products are still priced in dollars.
The notice read: “Good morning. Our updated prices for 10.04.25 are: PMS Gantry: ₦865 in Naira (inclusive of NMDPRA), PMS Coastal: On hold. AGO Gantry: $579.00 + $77, AGO Coastal: $579.00 + $8, ATK Gantry: $622.25 + $42, ATK Coastal: $622.25 + $22, LPG Coastal: On hold.”
Industry insiders had earlier hinted at an imminent price reduction from the refinery, aligning with expectations that local petrol prices would drop by week’s end.
Commenting on the development, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that the price cut aligns with the Federal Executive Council’s (FEC) revived naira-for-crude policy. He said the resumed policy would support more sustainable local refining efforts.
On Wednesday, the FEC directed full implementation of the initiative, which had previously been paused. A statement from the Ministry of Finance, published on its official X handle, emphasized that the policy is a long-term strategy, not a temporary fix, aimed at reducing Nigeria’s dependency on foreign exchange in the petroleum sector.
The statement read in part: “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.”
According to the Ministry, the policy is intended to boost Nigeria’s economic sovereignty and encourage investments in local refining. It also acknowledged potential challenges during the transition but assured the public that implementation issues are being addressed through stakeholder coordination.
With this development, marketers such as MRS Oil & Gas, Ardova Plc, and Heyden, which have direct supply agreements with Dangote, are expected to adjust pump prices down to around ₦910 per litre to reflect the revised ex-depot cost.
However, not all marketers are celebrating. Some had procured fuel at the higher price of ₦880 per litre earlier in the week. For instance, MRS reportedly lifted 90,000 metric tonnes (equivalent to 120 million litres) at the old rate, now facing the risk of selling at a loss due to the sudden price drop.
“We are relieved, although it’s mixed,” said Ukadike. “Those of us with unsold stock bought at a higher price. It’s a financial hit, but going forward, the lower price will allow us to buy and sell more competitively.”
IPMAN Vice President Hammed Fashola called the move a step in the right direction.
