The Dangote Petroleum Refinery has resumed selling Premium Motor Spirit (PMS), popularly known as petrol, in naira, ending its brief dollar-denominated pricing arrangement, but has raised its ex-depot price by ₦140 per litre.
The development comes a week after the 650,000 barrels-per-day refinery suspended petrol truck loading and switched to dollar-based transactions, a move that disrupted downstream operations, tightened supply and triggered a sharp increase in depot prices.
The return to naira pricing was communicated to petroleum marketers in a notice issued by the refinery’s commercial department on Wednesday and independently confirmed by industry platform Petroleumprice.ng.
According to the notice, the refinery’s gantry price for petrol has increased from ₦1,075 per litre to ₦1,215 per litre, representing a ₦140 increase or 13.02 per cent. The coastal loading price also rose from ₦1,441,575 per metric tonne to ₦1,602,495 per metric tonne.
Titled “PMS Price Change Communication,” the notice stated that the revised 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,” the refinery said.
The notice marks the refinery’s return to naira-denominated domestic petrol sales after its short-lived dollar pricing policy sparked concerns among marketers and consumers over possible pressure on foreign exchange demand and fuel prices.
Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, confirmed that the refinery had reverted to naira transactions.
“Yes, the refinery has returned to pricing its product in naira,” he said.
The refinery had halted gantry and coastal loading on July 15 while introducing dollar-based pricing for refined petroleum products, forcing some marketers to rely on private depots where petrol prices surged amid limited supply.
During the period, average ex-depot petrol prices at private depots reportedly rose from about ₦1,075 per litre to approximately ₦1,275 per litre, an increase of ₦200 or 18.6 per cent.
Independent marketers had also suspended loading from the refinery, citing difficulties in sourcing the foreign exchange needed to complete transactions.
Industry operators warned that dollar-based sales could increase demand for foreign exchange, put additional pressure on the naira and lead to higher petrol prices nationwide.
Based on Nigeria’s estimated daily petrol consumption of about 50 million litres, marketers would have required roughly $40 million daily — or more than $14 billion annually — to purchase petrol from the refinery under the dollar payment arrangement.
The Dangote refinery had defended its temporary shift to dollar pricing, saying it was forced to source additional crude oil internationally because it was no longer receiving sufficient supplies under the Federal Government’s naira-for-crude arrangement.
Under the suspended pricing model, petrol was sold at $0.779 per litre, Automotive Gas Oil (diesel) at $1.087 per litre, and Jet A1 aviation fuel at $0.942 per litre.
A senior regulatory official had earlier said the refinery did not violate the Petroleum Industry Act by pricing its products in dollars, explaining that the company had absorbed rising costs associated with crude procurement.
The Federal Government later intervened following concerns from petroleum marketers over the impact of the policy on fuel supply, foreign exchange demand and consumers.
With the return to naira pricing, industry operators expect product evacuation from the refinery to normalise and distribution challenges recorded during the week-long suspension to ease.
However, marketers warned that the new ex-depot price of ₦1,215 per litre could still push up depot and retail pump prices unless increased competition or favourable global crude prices help moderate costs.
Meanwhile, discussions between the Dangote Group and the Federal Government over the naira-for-crude arrangement are ongoing.
