News Update
THE Dangote Refinery has reduced the price of petrol at its loading point to N865 per litre.
According to Punch, this move came after the company sold the product for N880 just a day before.
The change was made known to marketers and customers through an official notification.
This price adjustment follows earlier reports that the refinery would bring down its petrol price before the end of the week.
A check on the petroleumprice.ng platform confirmed the new rate.
The refinery’s decision is connected to recent actions by the Federal Executive Council.
On Wednesday, the council ordered the full rollout of the naira-for-crude deal involving local refiners.
The plan had been suspended for some time but is now back in motion.
The government explained that this arrangement is meant to support local fuel production and reduce the use of foreign currency in buying refined products.
According to the Ministry of Finance, the naira-for-crude policy is not a one-time measure.
It is part of a broader effort to improve local refining and keep the fuel market stable.
During a meeting held on Tuesday, the Minister of Finance met with Dangote Refinery and other players to check the progress of the plan and discuss how it is being put into action.
The meeting ended with an agreement to stick to the policy and keep pushing for its full execution.
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The price drop is expected to ease pressure on consumers and may lead to more reductions in transport and other related costs in the coming weeks.
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