In a strategic move that may signal the beginning of broader market shifts, the Dangote Refinery has announced a downward revision of its ex-depot petrol price to ₦865 per litre, slicing ₦15 off the previous rate of ₦880.

The refinery communicated the price cut to marketers early Thursday morning through a formal notice.

A pro forma invoice confirming the new pricing was sighted by industry insiders, and the adjustment was further verified via the petroleum pricing tracker, petroleumprice.ng.

This price drop, although modest, aligns with industry expectations. Marketers had earlier hinted that Nigeria’s 650,000-barrels-per-day refinery—Africa’s largest—was on the verge of reducing its petrol loading costs by the end of the week, contributing to growing optimism about a potential decline in pump prices across the country.

Speaking on the development, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), described the reduction as timely. He tied the move to broader reforms being implemented under the Federal Executive Council’s (FEC) revived Naira-for-Crude initiative.

On Wednesday, the FEC approved the full-scale implementation of the previously suspended deal, which mandates the sale of crude oil to local refineries in exchange for refined products, settled in naira. The Ministry of Finance, in a statement released via its official X (formerly Twitter) handle, reaffirmed that the initiative is not a stop-gap measure but a foundational policy aimed at fostering energy security and reducing Nigeria’s reliance on foreign exchange for petroleum imports.

The statement followed a high-level meeting between Finance Minister Wale Edun and key stakeholders, including representatives from the Dangote Refinery. Discussions focused on the policy’s rollout and the challenges encountered so far.

Oil marketers have stated that Nigerians will soon heave a sigh of relief as the pump price of Premium Motor Spirit, popularly called petrol, will drastically reduce due to the continuation of crude and refined product sales in the naira initiative by the Federal Government.

They also stated that a major player in the sector, Dangote Refinery, is anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the forthcoming price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement, announced on Wednesday.

The official, however, couldn’t project the expected amount as the price at which the government will sell its products remains unclear.

This was as the National Publicity Secretary of Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, emphasised the need for greater involvement of other local refiners in the initiative, stressing that broader participation would enhance the economic benefits and strengthen the impact of the deal.

On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

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

The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.

The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service, Zacch Adedeji; the Chief Financial Officer of Nigerian National Petroleum Company Limited, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.

Also present were representatives of Dangote Petroleum Refinery and Petrochemicals, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Ports Authority, Afreximbank, and the Secretary of the Committee, Hauwa Ibrahim.

As part of moves to reduce the strain on the US dollar and guarantee price stability of petroleum products, the FEC in July 2024 directed the national oil company to sell crude oil to Dangote Refinery in naira and not in United States’ greenback for an initial phase of six months.

The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024 to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.

However, in March, Dangote refinery said it had temporarily halted the sale of petroleum products in naira. The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.

Immediately after the announcement, private depot owners effected an increase in loading cost and effectively raised pump price from around N860 to about N960 per litre, making consumers pay at least N70 more than what it used to cost them to buy a litre of the premium commodity days earlier.

PUNCH

As part of its commitment to providing more opportunities for financial growth, leading digital bank PalmPay is giving users the power to boost their savings with the launch of PalmPay Wealth Wish Day campaign.

The campaign runs from April 2 to April 20, 2025, and offers participants a chance to win exciting rewards, including daily cash prizes, premium gadgets and the grand prize: a luxury getaway trip to East Africa.

Following the success of its previous empowerment initiatives, PalmPay is raising the bar again by offering users a fun and rewarding way to build healthy savings habits through its Wealth product.

To participate, users simply need to log into the PalmPay app, visit the campaign page, select a wish theme and save the required amount before 12:00 PM on April 20.

Those who complete their savings goals will automatically qualify for the grand draw on April 21, which will be live streamed across all PalmPay digital channels.

Save, Wish Big and Win More.
PalmPay is enabling users to achieve more with its Wealth products. Users can choose from six unique wish themes, each designed to turn their savings into instant value and rewards. Participants can choose a wish theme that aligns with their goals, save the required amount, and unlock the rewards.

With the 30 Days of Free Data wish theme, users can save N3,000 Naira to qualify, while Tasty Chicken Republic Lunch requires a target savings of N5,000 to qualify for this wish theme. Users that save N10,000 will qualify for the 30 Days of Coke theme and a savings goal of N50,000 grants access to the Laptop theme.

For users aiming higher, saving ₦100,000 qualifies them to unlock the theme for a Cool 1.5HP Air Conditioner, while the ultimate reward, a Luxury Getaway to East Africa, can be unlocked with a savings target of ₦1,000,000. The more wish themes a user participates in, the greater their chances of winning.

This campaign reinforces the brand’s promise to help Nigerians cultivate better saving habits and make financial services more rewarding. With over 35 million users and a robust suite of high-yield savings products, the company continues to lead as one of the most impactful financial institutions in the country.

Femi Hanson, Head of Marketing and Communications at PalmPay, reiterated that: “PalmPay’s mission with its Wealth products is to make saving as simple, rewarding, and accessible for every Nigerian. With the Wish campaign, we are not just encouraging a savings culture, we are showing people that saving can come with real, tangible rewards. It’s our way of empowering users and helping them move closer to their goals”.

PalmPay has continued to reward users with high-yield savings returns, offering up to 20% interest per annum. In 2024, PalmPay paid out over N11 million in interest to a loyal user, further validating the value of PalmPay’s suite of Wealth products.
This campaign is open to new and existing PalmPay users.