Dangote Refinery brought sweet surprise in the morning, reducing petrol to ₦865 per liter a cool ₦15 less than Wednesday’s ₦880. This came as hot follow-up news to the Federal Executive Council’s monumental decision to give the Naira for Crude agreement with domestic refiners another boost. It’s all about making Nigeria’s fuel business remain robust and eliminating the race for dollars, and people can feel the excitement.
This dip in price directly relates to Tuesday’s meeting in which the government doubled down on the naira strategy, announcing it’s not a quick fix it’s for real. The Technical Sub-Committee reviewed the proceedings and quashed speculation that the deal with Dangote and NNPCL was under. They’re driving it hard in an effort to increase local refining and keep the nation’s cash from leaking out. The initial round of this deal closed on March 31, 2025, but they’re already working on another one.
NNPCL has been shipping crude about 48 million barrels to Dangote since last month, October 2024, and 84 million since the refining began in 2023. Its spokesman Olufemi Soneye condemned false information on Monday when they said the agreement was cancelled—it’s for six months, ending March, and negotiations for further agreements roll. With petrol at a reduced rate and naira dominating trade, Nigerians are expecting stable fuel and an empowered pocket.