In a move set to benefit consumers, Dangote Petroleum Refinery has lowered its ex-depot petrol price from ₦880 to ₦865 per litre. A refinery spokesperson confirmed the change on Thursday, April 10, following renewed collaboration between the federal government and the $20 billion refinery.

This price reduction comes after an important meeting on Tuesday between refinery officials and the Minister of Finance, Wale Edun. The meeting reinforced the continuation of the naira-for-crude policy, a government initiative aimed at boosting local refining and reducing the country's reliance on dollar transactions.

The Federal Executive Council approved the naira-for-crude policy in July 2024, directing the Nigerian National Petroleum Company Limited (NNPCL) to provide crude oil to local refineries, including Dangote, in naira instead of dollars.

The policy was intended to ease pressure on foreign exchange reserves and stabilize fuel prices. However, in March 2025, the NNPCL, under the leadership of then-Group CEO Mele Kyari, announced that the agreement was only valid for six months and had expired.

As a result, Dangote Refinery halted local sales in naira, citing a mismatch between its dollar-denominated crude obligations and naira revenues.This led to a sharp increase in petrol prices, with pump prices jumping from ₦860 to over ₦1,000 per litre.

After public outcry and market instability, President Bola Tinubu stepped in by dissolving the NNPCL Board and appointing new leadership, with Bashir Ojulari as Group Chief Executive Officer and Ahmadu Kida as non-executive chairman.

With the policy now reinstated, experts expect fuel prices to gradually stabilize. Dangote Refinery has already resumed its commitment to selling refined products in naira, contingent on receiving crude cargoes in naira from the NNPCL.

Experts suggest that reinstating the policy could ease pressure on the US dollar and lead to more stable fuel prices, providing much-needed relief to Nigerian consumers.