Updated: the dance refinery cuts the petrol price to N865

In a move aimed at offering further relief to Nigerian consumers, the polite refinery has reduced the ex-Depot price (former group) of its premium motor spirit (PMS) from N880 to N865 per liter.

A 20 billion dollar refinery official confirmed the development, Thursday, in a declaration to journalists, stating that marketing experts and distributors had already been informed about the adaptation of prices.

This new price reaches the current concerns on the high fuel costs and its impact on inflation and transport across the country.

Blueprint recalls that the Federal Executive Council (FEC), Wednesday, after an initial delay, directed the full implementation of the naira-For-Crude suspended agreement with local refineries.

He said that the initiative with local refineries is not a temporary measure but a “key political directive designed to support sustainable local refining”.

The Ministry of Finance revealed it in a declaration published on its official mange X entitled “Update on the sales of raw and refined products in Naira Initiative”. The declaration was issued following a Tuesday meeting between the Minister of Finance, Wale Edun and representatives of Dangote Refinery, a great beneficiary of the agreement, to review the progress and face the issues relating to the current implementation.

The Committee said that politics is not temporary but a long -term plan to cut Nigeria dependence on oil changes.

He added that the initiative is not a temporary or temporal intervention but a key political directive designed to support sustainable local refining and strengthen energy security.

The declaration recited: “The technical subcommittee on the sale of raw and refined products in the Naira initiative has convened a update meeting on Tuesday to review the progress and face the issues relating to the implementation in progress.

“The interested parties reiterated the continuous commitment of the government for the full implementation of this strategic initiative, as indicated by the Federal Executive Council.

“Therefore, the sales of raw and refined products in the Naira initiative are not a temporary or temporal intervention, but a key political directive designed to support sustainable local refining, support energy safety and reduce dependence on changes in the internal oil market.”