The Dangote refinery has notified its customers and marketers of a reduction in its ex-gantry loading cost to N865 per liter.
The facility’s Wednesday pricing of N880 per litre has been reduced by N15.
According to what our source learned, the refinery sent out a notification on Thursday morning informing its customers.
Our correspondent saw a pro forma invoice that looked at petroleum prices. The development was also confirmed by ng.
Remember how our journalist was told exclusively by marketers that the refinery that produces 650,000 barrels of gasoline is expected to reduce its loading expenses by the end of this week, which will further slash fuel prices?
In response to the Federal Executive Council’s instruction on the naira-for-crude deal, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, informed the public of the price decrease.
Following an initial delay, the Federal Executive Council ordered the full implementation of the suspended Naira-for-Crude agreement with local refiners on Wednesday.
According to the statement, the partnership with regional refineries is a “key policy directive designed to support sustainable local refining” rather than a stopgap measure.
This was revealed by the Ministry of Finance in a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative,” which was posted on its official X handle. The remark came after representatives from Dangote Refinery, a significant recipient of the accord, met with Finance Minister Wale Edun on Tuesday to discuss implementation issues and assess progress.
According to the committee, the policy is a long-term strategy to reduce Nigeria’s reliance on foreign money for petroleum, not a short-term one.
It further stated that the program is a crucial policy directive intended to promote sustainable local refining and strengthen energy security, rather than a short-term or time-limited action.
In order to assess progress and discuss ongoing implementation issues, the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative held an update meeting on Tuesday, according to the statement.
As instructed by the Federal Executive Council, the stakeholders confirmed the government’s ongoing commitment to carrying out this strategic plan in its entirety.
Therefore, the Crude and Refined Product Sales in Naira initiative is a crucial policy directive intended to promote sustainable local refining, enhance energy security, and lessen dependency on foreign exchange in the domestic petroleum market rather than a short-term or time-bound intervention.
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