1 week Ago By Abdullateef Aliyu
By Abdullateef Aliyu MRS, others may sell at N910/L Dangote Petroleum Refinery and Petrochemicals has reviewed its ex-depot (gantry) loading cost of petrol to N865 per litre. This is coming hours after the federal government announced that the naira-for-crude policy would continue. Dangote informed its customers of the price reduction via a notice on Thursday.
The new price is a reduction of N15 from N880 per litre sold by the refinery on Wednesday. On Wednesday, the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting to review progress and address ongoing implementation matters. In a statement made available on X (formerly Twitter) of the Federal Ministry of Finance, the stakeholders at the meeting reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
It read: “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. “As with any major policy shift, the committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.” As of the time of filing this report, most filling stations were yet to effect a reduction in their pump price with a litre of the premium motor spirit (PMS) sold for N925 and N935. Filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others affiliated with the Dangote Refinery are expected to reduce their pump price to around N910 from around N925 to reflect the marginal reduction in the ex-depot price of the premium commodity.
The price reduction by the private refinery followed a meeting between representatives of the Dangote Refinery and the Minister of Finance Wale Edun on Tuesday, it was also learnt. This is a prelude to the resumption of the naira-for-crude sale to the refinery. The Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery have not spoken on when the naira-for-crude contract would resume.
However, marketers who spoke with our correspondent expressed optimism that the initiative would bring down the price of PMS and make the product more affordable to the people. Unlock AI's potential! Get top prompts for content, blogs, social media, research, draft proposals and more. Boost creativity start using AI tools today! Click here to learn how it works.
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