A few hours after the resurrection of the agreement of Naira-For-Crude, the dangote refinery cuts the price of gasoline to the N865/liter

Dangote Refinery has told marketers and customers about the lower review of the cost of loading Ex-Gantry to N865 per liter.

The new price is a reduction in N15 from the N880 per liter sold by facilities on Wednesday and almost 24 hours after the Federal Executive Council (FEC) ordered the continuation of the Naira-For-Crude agreement between the refinery and the Nigeria National Petroleum Company (NNPC Ltd).

The refinery tells its customers about the increase in the notification sent on Thursday morning.

Check into petroleum, a special website for the price of petroleum products also confirms the development.

It should be remembered that the Secretary of the National Publication of the Nigerian Independent Oil Marketers Association, Chinedu Ukadike, convinced the public about the price decline while commenting on the federal executive council instructions regarding the Naira-For-Crude agreement.

Also read: NNPCL Hikes Petrol Price amidst the appointment of a new gceo

On Wednesday, the Federal Executive Council, after the initial postponement, directed the full implementation of the Naira-Fror-Crude agreement suspended with local refiners.

It is said that the initiative with a local refinery is not a temporary action but “the main policy directions designed to support sustainable local purification.”

The Ministry of Finance revealed this in a statement published in its official X handle entitled, “Renewal of the sale of oil and raw products at Naira’s initiative.” The statement was released after a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives of Dangote Refinery, the main beneficiaries of the agreement, to review progress and overcome the ongoing implementation problem.

The committee said the policy was not temporary but a long -term plan to cut Nigeria’s dependence on foreign exchange for petroleum.

By: Babajide Okeowo

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