The Dangote refinery has announced to its marketers and clients that it has reduced its ex-gantry loading price which is now set at N865 per litre.
This adjustment marks a significant shift in the pricing strategy, potentially impacting consumers and the broader market dynamics.
This adjustment in pricing highlights a considerable evolution in the market landscape, marking a departure from the previous cost of N880 per litre that was in place as of Wednesday.
This change comes in the wake of the suspension of the Naira for crude arrangement with the federal government, indicating a new pricing approach designed to provide advantages for both marketers and consumers alike.
On Wednesday, after a short delay, the Federal Executive Council revealed that the Naira-for-Crude agreement with local refiners, which had been put on hold, is now fully reinstated.
The statement emphasized that the collaboration with local refineries is not merely a short-term solution; rather, it represents a fundamental policy initiative aimed at fostering sustainable refining practices within the community.
The Ministry of Finance announced this information through a statement shared on its official X account, under the heading, “Update on the Crude and Refined Product Sales in Naira Initiative.”
This announcement came after a meeting held on Tuesday, where Finance Minister Wale Edun met with representatives from Dangote Refinery, a key participant in the initiative, to assess progress and tackle current implementation issues.
However,the stakeholders reiterated the government’s unwavering dedication to fully executing this strategic initiative, as mandated by the Federal Executive Council.
Consequently, the Crude and Refined Product Sales in Naira initiative is not merely a short-term measure; rather, it stands as a fundamental policy aimed at promoting sustainable local refining, enhancing energy security, and decreasing dependence on foreign currency within the domestic petroleum sector.
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