By Peter Onyekachukwu 
By Peter Onyekachukeu, Warri
Nigerians may soon feel a measure of relief at the pumps as the Dangote Petroleum Refinery has slashed the ex-depot price of petrol to N865 per litre, a N15 reduction from its previous price of N880. The adjustment, announced Thursday morning, comes amid growing calls for domestic fuel price stability and aligns with the federal government’s broader economic reform strategy.
The refinery, which has a refining capacity of 650,000 barrels per day, confirmed the new price through a formal communication to marketers. A Pro Forma invoice reviewed by industry stakeholders and petroleumprice.ng confirmed the change, raising hopes that downstream marketers may reflect the cut at the pump in the coming days.
Reacting to the development, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the reduction was timely and strategic.
“This is a welcome move that supports the government’s efforts through the Naira-for-Crude policy. It’s not just about lower prices—it’s a long-term plan to strengthen our economy by reducing our dependence on foreign exchange,” he told reporters.
The Naira-for-Crude initiative is part of the federal government’s plan to localize fuel trade transactions and ease pressure on Nigeria’s foreign reserves. Following a meeting on Tuesday between the Minister of Finance, Wale Edun, and Dangote Refinery officials, the ministry released a statement affirming the government’s commitment to the policy.
According to the statement posted via the Ministry of Finance’s official X handle, “The Crude and Refined Product Sales in Naira initiative is not a time-bound intervention. It is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
For many Nigerians, the price cut is more than a policy win—it could mean lower transport fares and reduced costs of goods and services at a time when inflation continues to bite.
“This is a glimmer of hope for the average Nigerian,” said Lagos-based commuter, Aisha Musa. “If this cut reflects at filling stations, it will go a long way in easing the pressure on our daily spending.”
While it remains to be seen how quickly the pump price will adjust nationwide, the refinery’s decision is being hailed as a significant step towards energy independence and economic resilience.