Dangote Refinery has resumed selling petrol in naira after a 22- day suspension, which is expected to bring relief to Nigeria’s petroleum market.The refinery has reduced its ex-gantry price of petrol to ₦865 per litre from ₦880, following a review of its loading costs.
This move is anticipated to lead to a drop in fuel prices across the country. Filling stations such as MRS Oil & Gas, Ardova Plc, and Heyden are expected to adjust their prices to around ₦910 per litre.
The price adjustment aligns with the Naira-for-Crude initiative aimed at strengthening Nigeria’s economy by promoting domestic refining and reducing dependence on foreign exchange for petroleum imports.
The decision has been praised by industry experts, including Hammed Fashola, Vice President of IPMAN, who views it as a positive step towards stabilizing fuel prices. Those who stocked up on petrol at the previous rate now face financial strain as they sell at the new, lower price, with some reporting losses.
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The policy is expected to alleviate the demand for dollars in the domestic market, stabilize the foreign exchange market, and trigger a more competitive environment in the downstream sector, ultimately benefiting Nigerian consumers with lower fuel prices.
The policy aims to support local refining and ensure energy security. This could lead to a more stable and competitive fuel market.With petrol prices expected to decrease, Nigerian consumers stand to benefit from lower fuel costs, which could have a positive ripple effect on the economy.
