LAGOS, Nigeria — Dangote Petroleum Refinery don announce sharp cut for petrol price as dem reduce ex-gantry loading cost to ₦865 per litre. Dis new price come down from ₦880 per litre wey dem sell on Wednesday, making am N15 less. Di refinery inform marketers and customers about dis change in notice wey dem send out Thursday morning.
Sources confirm say di adjustment dey linked to recent drop for global oil prices, with Brent crude dey sell for $63.86 per barrel. Energy analyst, Oft Henry Ademola Adigun, talk say dis price drop for global market go positively affect Nigerian consumers. ‘What di Federal Government dey lose for global price drop, na gain for di local market, and customers go surely see price drop,’ he explain.
Chinedu Ukadike, National Publicity Secretary of di Independent Petroleum Marketers Association of Nigeria, assure say di public go benefit from dis price slash, as di refinery dey work closely with di Federal Executive Council to implement di naira-for-crude agreement wey dem direct earlier this week.
Di Ministry of Finance don release statement wey clarify say di naira-for-crude policy dey aimed at reducing Nigeria’s reliance on foreign currency for petroleum. ‘Dis initiative no be temporary measure; e be key policy directive wey go help support sustainable local refining,’ di Finance Minister Wale Edun talk after meeting with Dangote Refinery representatives on Tuesday.
Di current government don express strong commitment towards dis initiative, wey go help to stabilize di nation’s petrol market and also reduce pressure on di US dollar. Dis policy, according to Edun, na long-term plan to ensure financial stability for di domestic petroleum industry.
Di Dangote Refinery wey cost about $20 billion, ahead of di latest adjustment, some months ago halt naira sales due to mismatch wey dey between sales proceeds and crude oil purchase obligations. ‘We go resume local sales in Naira once we start to receive crude cargoes from di NNPCL in Naira,’ di company talk to di press.
As di petrol price jump up to about ₦1,000 earlier in di year, dis recent announcement dey bring much needed relief for consumers wey don dey feel di heat from increased transportation and di overall inflation wey dey affect di average Nigerian. Observers believe say with dis adjustment, coupled with di implementation of di naira-for-crude policy, Nigeria fit see better stability in petroleum pricing.
