Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to N865 per litre.

The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday.

It was gathered that the refinery informed its customers in a notice sent out on Thursday morning.

Recall that marketers had informed newsmen that the 650,000 barrels refinery was 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 price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement.

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 committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.

It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.

The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”

China officially commenced the implementation of its planned retaliatory tariffs on U.S. goods on Thursday, imposing an additional 84 percent duty on imports from the U.S.

The move came after Washington escalated its trade pressure, with U.S. President Donald Trump announcing on Wednesday a new plan to raise tariffs on Chinese imports even further to 125 percent.

Chinese officials have however rejected the U.S. approach, accusing Washington of blackmail and pledging to resist pressure in the ongoing trade dispute.

As tensions rise with the U.S, China is reaching out to other partners.

On Tuesday, Chinese Commerce Minister Wang Wentao had a phone call with EU Trade Commissioner Maroš Šefčovič to discuss issues including enhancing China-EU economic ties.

Wang criticised the U.S. tariff strategy as harmful to global trade and urged cooperation to uphold the rules-based multilateral system.

The Nigeria Deposit Insurance Corporation, NDIC, says it would begin the payment of the first tranche of liquidation dividends to depositors of Heritage Bank from April.

The Managing Director of NDIC, Bello Hassan, made this disclosure on Wednesday at the NDIC Special Day at the ongoing 36th Enugu International Trade Fair.

Hassan, who was represented by the South-East Coordinator of NDIC, Pamela Robert, said that NDIC was in collaboration with the CBN to maintain stability in the banking sector, enforce compliance with banking regulations and exercise effective oversight over insured deposit-taking institutions.

He further stated that NDIC have commenced preparations to pay the first tranche of liquidation dividends this month of April.

Recall that the Central Bank of Nigeria, CBN, revoked the operating licence of Heritage Bank on June 3, 2024.

According to Hassan, the approach of paying insured deposits while concurrently realising assets and recovering loans ensured that no depositor was left behind.

He stressed that as more recoveries were made, subsequent tranches of liquidation dividends would follow.

“Our record in bank liquidation is reassuring. NDIC has successfully declared fully liquidation dividends to depositors of 20 previously failed banks.

“This reflects our unwavering commitment to depositor protection and our proven capacity to manage bank failures effectively.

“Therefore, I urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide necessary documentation supporting ownership of the account,” he said.