The Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira after a brief period of dollar-denominated pricing, while increasing its ex-depot price by N140 per litre.
The move comes just one week after the 650,000-barrels-per-day refinery suspended petrol truck loading and introduced dollar pricing, a decision that disrupted the downstream petroleum market, tightened product supply and pushed depot prices higher.
A notice issued by the refinery’s commercial department on Wednesday, and confirmed by industry platform Petroleumprice.ng, informed marketers that petrol sales had reverted to naira.
Under the revised pricing, 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.
The notice stated that 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,” the refinery said.
The refinery’s return to naira pricing follows widespread concerns from marketers and consumers over its temporary switch to dollar transactions.
Petroleumprice.ng Chief Executive Officer, Jeremiah Olatide, confirmed the development, saying customers had already been notified of the resumption of gantry operations under the new naira pricing structure.
The refinery had suspended gantry and coastal loading on July 15 while introducing dollar pricing for refined products, forcing marketers to rely on private depots where petrol prices climbed from about N1,075 to N1,275 per litre due to tighter supply.
The policy also led independent marketers to halt purchases from the refinery, citing difficulties in sourcing the foreign exchange needed for transactions.
Industry stakeholders warned that continued dollar sales would increase pressure on Nigeria’s foreign exchange market, weaken the naira and drive up fuel prices nationwide.
With Nigeria’s estimated daily petrol consumption at about 50 million litres, marketers projected they would need roughly $40 million daily, or more than $14 billion annually, to sustain purchases under the dollar payment arrangement.
Dangote Refinery had defended its temporary shift to dollar pricing, explaining that reduced crude supplies under the Federal Government’s naira-for-crude initiative forced it to source additional crude oil from the international market using dollars.
Following concerns over the policy’s impact on fuel supply and foreign exchange demand, the Federal Government intervened, while discussions with the Dangote Group on the naira-for-crude arrangement continue.
Although petrol sales have now returned to naira, the refinery’s new ex-depot price of N1,215 per litre remains below the N1,275 per litre charged by many fuel importers. Market operators believe the resumption of naira transactions will restore normal product distribution and ease the supply disruptions experienced during the week-long suspension.
