Dangote Resumes Naira Petrol Sales, Raises Ex-Depot Price by N140

The Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira after briefly switching to dollar-denominated transactions, while increasing its ex-depot price by N140 per litre.

According to a notice issued by the refinery’s commercial department, the gantry price has increased from N1,075 to N1,215 per litre, with the new pricing taking immediate effect. Informing marketers of the development, the refinery stated: “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’s decision marks a return to naira-denominated domestic sales just one week after it suspended truck loading and adopted dollar pricing, a move that disrupted fuel distribution and pushed private depot prices to about N1,275 per litre.

Confirming the development, Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, said, “The refinery has returned to pricing its product in naira,” signalling an end, for now, to the controversial dollar payment policy.

The temporary shift to dollar pricing had forced many independent marketers to halt purchases because of difficulties accessing foreign exchange. Industry operators warned that the arrangement would significantly increase demand for dollars and place additional pressure on the naira.

Explaining the rationale behind the temporary policy, a senior regulatory official had said the refinery was facing rising costs after sourcing crude oil in dollars rather than through the Federal Government’s naira-for-crude arrangement.

“The naira-for-crude deal is not to Dangote’s advantage right now because the company is sourcing crude in dollars. He has absorbed a lot. But maybe he has got to a breaking point. So he has to do stuff to recover costs. And that’s why he wants to share that burden with off-takers,” the official said.

Following concerns from petroleum marketers and industry stakeholders over the potential impact on fuel supply and the foreign exchange market, the Federal Government intervened, while discussions with the Dangote Group on the naira-for-crude arrangement continue.

Although the return to naira transactions is expected to restore normal product evacuation and ease supply disruptions, the new ex-depot price of N1,215 per litre is likely to translate into higher pump prices unless moderated by increased market competition or a decline in international crude oil prices.

Meanwhile, petrol sold for about N1,300 per litre in Lagos and several other parts of the country on Wednesday, as global crude oil prices hovered around $94 per barrel amid renewed tensions in the Middle East.