Dangote Refinery has lowered its ex-depot (gantry) price to N865 per litre, according to a customer notice issued on Thursday morning. The new price represents a N15 decrease from the N880 per litre recorded on Wednesday.
Filling stations including MRS Oil & Gas, Ardova Plc, and Heyden Petroleum, which maintain direct supply agreements with the refinery, are expected to adjust their pump prices to around N910 per litre, reflecting the updated ex-depot rate.
Naira-for-crude returns
The development follows the reinstatement of the Federal Government’s Crude and Refined Product Sales in the Naira Initiative, known as the naira-for-crude policy.
The policy allows local refineries to purchase crude oil in naira rather than foreign currency, a move officials say is aimed at strengthening domestic refining capacity, conserving foreign reserves, and easing pressure on the nation’s energy supply chain.
Earlier this year, the Nigerian National Petroleum Company Limited (NNPC) discontinued crude oil sales to Dangote Refinery in naira, marking the end of a six-month agreement that ran from October 2024 to March 2025.
The move forced local refiners to rely on U.S. dollars for crude purchases and drove up operational costs and strained fuel supply.
The return of the naira-for-crude initiative has renewed optimism in the downstream sector, with the latest price cut from Dangote Refinery seen as an early signal of potential price stability in the fuel market.
