The Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (petrol) in naira after a week-long switch to dollar-denominated transactions, while increasing its ex-depot price by ₦140 per litre.
A notice issued by the refinery’s commercial department on Wednesday confirmed that the revised pricing took immediate effect, with the gantry price rising from ₦1,075 to ₦1,215 per litre, representing a 13.02 per cent increase. The coastal loading price also increased from ₦1,441,575 to ₦1,602,495 per metric tonne.
The refinery directed marketers to place new orders under the revised pricing, stating that all unloaded gantry volumes would be repriced at the new rate effective July 22.
Industry platform Petroleumprice.ng confirmed the development, with its Chief Executive Officer, Jeremiah Olatide, saying the refinery had returned to naira-denominated petrol sales after briefly adopting dollar pricing.
Dangote Refinery had suspended gantry and coastal loading on July 15 and introduced dollar pricing for refined petroleum products, a move that disrupted fuel supply, pushed marketers to private depots and triggered a sharp increase in ex-depot prices.
During the suspension, the average ex-depot price at private depots reportedly rose from about ₦1,075 to ₦1,275 per litre, while independent marketers complained of difficulties sourcing foreign exchange required to purchase products from the refinery.
Industry operators warned that continued dollar sales would increase pressure on Nigeria’s foreign exchange market, with marketers projected to require about $40 million daily to meet the country’s estimated petrol demand of 50 million litres per day.
The refinery had defended the temporary policy, explaining that it was sourcing crude oil in dollars after receiving inadequate supplies under the Federal Government’s naira-for-crude arrangement.
The Federal Government later intervened following concerns raised by petroleum marketers over the impact of the policy on fuel supply and foreign exchange demand.
Although the refinery has now reverted to naira sales, the new ex-depot price of ₦1,215 per litre is expected to increase depot and retail pump prices across the country.
Meanwhile, petrol was reportedly selling for about ₦1,300 per litre in Lagos and other parts of Nigeria on Wednesday as global crude oil prices hovered around $94 per barrel amid renewed tensions in the Middle East.
Discussions between the Federal Government and the Dangote Group over the future of the naira-for-crude arrangement are still ongoing, with industry stakeholders expressing optimism that the return to naira transactions will restore normal fuel distribution and ease recent supply disruptions.
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