Fuel marketers are projecting a nationwide reduction in petrol prices after the Dangote Refinery resumed selling petrol in naira and slashed its loading price to N865 per litre, on Thursday.
This is a N15 drop from the rate the refinery sold at on Wednesday.
This marks the refinery’s return to the naira-for-crude model nearly three weeks after suspending it, signaling a renewed push to stabilize fuel costs and ease pressure on the foreign exchange market. The revised rate, confirmed through a pro forma invoice and petroleumprice.ng, reflects a significant step toward making fuel more affordable for Nigerians.
The updated pricing, announced in a notice to marketers on Thursday morning, reads:
“Good morning. Our updated prices for 10.04.25 are: PMS Gantry: 865 in Naira for gantry (inclusive of NMDPRA), PMS coastal: On hold
AGO Gantry: $579.00 + $77, AGO Coastal: $579.00 + $8, ATK Gantry: $622.25 + $42, ATK Coastal: $622.25 + $22 and LPG Coastal: On hold.”
However, other refined products remain priced in dollars, with sales via coastal vessels still paused, but petrol (PMS) is now available in naira.
The move follows the Federal Executive Council’s directive on Wednesday, which reinstated full implementation of the naira-for-crude agreement with local refiners — a strategic policy aimed at strengthening local refining and reducing reliance on foreign exchange.
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A statement from the Ministry of Finance reads:
“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.”
The ministry added that despite some implementation hurdles, the initiative remains active and critical to Nigeria’s long-term economic goals.
Reactions across the petroleum sector have been mixed.
While the new pricing brings relief, some marketers are already feeling the squeeze.
Stations like MRS, Ardova Plc, and Heyden, which have supply agreements with the refinery, are expected to adjust pump prices down to around N910 per litre.
But those who recently purchased fuel at the older, higher rate are now staring at potential losses.
“We are relieved, although it’s a mixed one. Some of us who bought and haven’t exhausted our stock are now selling at a loss—it’s a huge loss. The new price will help us buy more and sell faster, but we still have mixed feelings about it,” said Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Hammed Fashola, IPMAN’s Vice President, welcomed the move, saying:
“It is a good development; it is what we have been telling the government that it should be sustained because it would bring a lot of benefits and make the price stable. Once that happens, the price of fuel will come down, and this is good for Nigeria.
Now that the naira policy has been restored, we expect a reverse in the price.”
Energy analyst Olatide Jeremiah added that Dangote’s naira move has stirred up much-needed competition in the downstream market:
“Dangote Refinery’s resuming sales of petrol in Naira has reactivated healthy competition, and the result will drive down fuel prices.
As FG reaffirms the naira for crude policy to local refineries, private depots will need to be competitive to remain in business.
At the time of this report, efforts to reach Dangote Group’s Chief of Corporate Communications, Anthony Chiejina, for comments were unsuccessful.
