The Dangote Refinery has resumed selling refined petroleum products in the local currency after suspending the sale of petroleum products in naira for 22 days. The facility has also reduced its ex-gantry price to N865 per litre, a reduction of N15 from N880 per litre sold on Wednesday. The refinery informed marketers and customers in a notice sent out on Thursday morning. The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the price drop while commenting on the Federal Executive Council's directive regarding the naira-for-crude agreement. The policy is aimed at strengthening Nigeria's economic sovereignty, enhancing local refining capacity, and stabilizing the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.Filling stations with special agreements with Dangote Refinery are expected to reduce their pump price to N910, reflecting a marginal reduction in the ex-depot price of premium commodity. This decision has drawn mixed reactions from petroleum marketers, with some claiming it puts them at a disadvantage. The move has sparked fresh competition in the downstream segment, with experts predicting a drop in fuel prices. However, retail outlets need to be regulated not to overprice for abnormal profits.
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