“We are relieved, although it’s a mixed one… Some of us who bought and haven’t exhausted our stock are now selling at a loss—it’s a huge loss,” said IPMAN’s Chinedu Ukadike.
The Dangote Refinery has resumed selling petrol in naira, slashing its ex-depot price to N865 per litre, down from N880, The PUNCH has learnt. The move follows the Federal Executive Council’s directive to fully implement the naira-for-crude policy aimed at boosting local refining and reducing forex dependence.
A notice to marketers on Thursday confirmed the price drop, which includes regulatory charges. However, coastal vessel sales remain on hold. Marketers like MRS, who lifted products at higher rates earlier this week, now face potential losses.
“We are relieved, although it’s a mixed one… Some of us who bought and haven’t exhausted our stock are now selling at a loss—it’s a huge loss,” said IPMAN’s Chinedu Ukadike.
Vice President of IPMAN, Hammed Fashola, called the policy’s return “a good development” likely to stabilize pump prices.
Oil analyst Olatide Jeremiah noted, “This policy reactivates healthy competition and gives Nigerians another chance to buy affordable fuel at the pump.”