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Nigerians to expect new pump price as Dangote refinery slashes petrol loading costs by N15

Aliko Muhammad Dangote

Zainab Tanimu

Kaduna Northwest Nigeria

There is hope that Nigerians will enjoy a price drop in pump price with Dangote refinery’s downward review in loading costs. From N880 to N865.

The Federal Executive Council, on Wednesday had directed the full implementation of the previously suspended Naira-for-Crude agreement with local refiners.

The initiative with local refineries it described as “key policy directive designed to support sustainable local refining.”
The policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum. It added.
The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.”

The statement was released after a meeting held on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.

The statement reads, “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.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike speaking on the Federal Executive Council’s directive with regards to the naira-for-crude agreement had assured the public of the price drop.

Dangote refinery had notified its marketers and customers of a reduction in its price of Premium Motor Spirit (PMS) popularly called petrol through a notice sent on Thursday morning, which was also seen by reporters and confirmed through  petroleumprice.ng.

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