Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira, ending its brief dollar-denominated pricing policy while increasing its ex-depot price by N140 to N1,215 per litre.
The move comes just one week after the 650,000-barrel-per-day refinery suspended petrol truck loading and introduced dollar pricing, a decision that disrupted fuel supply, unsettled the downstream market and drove up depot prices nationwide.
The refinery confirmed the return to naira transactions in a notice issued by its commercial department on Wednesday, while industry platform Petroleumprice.ng also verified the development.
Under the revised pricing template, the gantry price of petrol increased from N1,075 to N1,215 per litre, representing a 13.02 per cent increase. The coastal loading price also rose from N1,441,575 to N1,602,495 per metric tonne.
According to the notice, the new prices took immediate effect.
“Please be advised that all unloaded gantry volumes will be subject to repricing at the new price, which is effective 22nd July 2026.
“Kindly proceed with placing your order.”
Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, confirmed that the refinery had reverted to naira pricing for domestic sales.
“Yes, the refinery has returned to pricing its product in naira,” he said.
Dollar pricing disrupted supply
Dangote Refinery suspended gantry and coastal loading on July 15, introducing dollar-denominated pricing for refined petroleum products.
The decision forced marketers to source fuel from private depots, where ex-depot prices reportedly climbed from about N1,075 to N1,275 per litre as supply tightened.
Independent marketers also suspended petrol purchases from the refinery, citing difficulties in sourcing the foreign exchange required for transactions.
Industry stakeholders warned that continued dollar pricing would increase demand for foreign exchange, weaken the naira and push fuel prices even higher across the country.
With Nigeria consuming an estimated 50 million litres of petrol daily, marketers were projected to require about $40 million every day, or more than $14 billion annually, to sustain purchases under the dollar payment model.
Government intervention
The refinery had defended its temporary switch to dollar pricing, explaining that reduced crude oil supply under the Federal Government’s naira-for-crude arrangement forced it to source additional crude from the international market using dollars.
Under the suspended pricing model, petrol sold for $0.779 per litre, diesel for $1.087 per litre, and Jet A1 aviation fuel for $0.942 per litre.
A senior regulatory official had maintained that the refinery did not violate the Petroleum Industry Act by pricing products in dollars.
Following concerns from petroleum marketers over the impact on fuel supply and foreign exchange demand, the Federal Government intervened, while discussions with the Dangote Group over the naira-for-crude arrangement continued.
Although local sales have now returned to naira, the new N1,215 per litre ex-depot price remains significantly higher than the previous rate and is expected to influence depot and retail pump prices.
Industry operators, however, believe the return to naira transactions will restore normal fuel loading and ease supply disruptions experienced during the week-long suspension.
Meanwhile, petrol sold for as much as N1,300 per litre in Lagos and other parts of the country on Wednesday as global crude oil prices hovered around $94 per barrel amid renewed tensions in the Middle East.
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