Dangote Refinery Restores Naira Petrol Sales at N1,215 per Litre After Dollar Pricing
Dangote Petroleum Refinery has reversed its decision to sell Premium Motor Spirit (PMS), commonly known as petrol, in US dollars, restoring naira-denominated sales at its loading gantry in Nigeria.
The refinery has set its new ex-depot price at N1,215 per litre, an increase of N140, or 13%, from the previous price of N1,075 per litre.
The move follows a week of uncertainty in Nigeria’s downstream petroleum market after Dangote temporarily shifted petrol sales from naira to US dollars.
The decision had forced some independent fuel marketers to source supplies from private depots.
Dangote said the return to naira pricing would provide some relief to marketers and consumers, while allowing truck loading operations to resume under local-currency transactions.
The refinery had previously notified customers that naira-denominated invoices for gantry and coastal transactions were no longer valid following its shift to dollar-based pricing.
Under the temporary dollar pricing arrangement, diesel was priced at $1.087 per litre, while aviation fuel was priced at $0.942 per litre. Petrol for coastal deliveries was quoted at $1,044.62 per metric tonne.
The return to naira pricing is expected to reduce some of the foreign-exchange exposure faced by local fuel marketers, although the higher ex-depot price could still place pressure on pump prices and consumers.
Dangote’s decision comes as the refinery continues to play an increasingly important role in Nigeria’s fuel supply, reducing the country’s reliance on imported refined petroleum products.
