The Dangote Petroleum Refinery has reduced the price of petrol at its gantry to N865 per litre — a N15 drop from the N880 previously sold to marketers.
While the refinery has not officially confirmed the exact new rate, the president of the Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harris, confirmed the adjustment on Thursday.
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The development comes just as the federal government reaffirmed its commitment to the ongoing Naira-for-Crude initiative. The scheme, aimed at supporting local refining and reducing foreign exchange dependence, will continue beyond its first phase, which ended on 31 March.
The policy, launched on 1 October 2024, allows local refineries to purchase crude oil in naira, a move expected to boost supply, save foreign exchange, and ultimately help stabilise pump prices.
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