Dangote Petroleum Refinery has resumed selling Premium Motor Spirit (petrol) in naira after briefly switching to dollar payments. At the same time, it raised its ex-depot price by N140 per litre.
The 650,000-barrels-per-day refinery had stopped petrol truck loading last week and adopted dollar pricing, a move that affected fuel supply and pushed depot prices higher.
In a notice sent to marketers on Wednesday, the refinery confirmed the return to naira payments. Petroleumprice.ng also confirmed the change.
The notice showed that the gantry price increased from N1,075 to N1,215 per litre, a rise of N140 or 13.02 per cent. Coastal loading also moved from N1,441,575 to N1,602,495 per metric tonne. The new prices took effect immediately.
It read, “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.
Should you require any further clarification, please do not hesitate to contact us.”
Petroleumprice.ng also confirmed the refinery had resumed gantry operations under the new naira pricing. Its Chief Executive Officer, Jeremiah Olatide, said, “Yes, the refinery has returned to pricing its product in naira.”
The refinery switched to dollar pricing on July 15 after saying it was no longer getting enough crude under the Federal Government’s naira-for-crude programme and had to buy more crude internationally in dollars. During that period, private depot prices climbed from about N1,075 to N1,275 per litre, while independent marketers stopped buying because of foreign exchange challenges. Industry players warned the policy would raise forex demand, weaken the naira and increase petrol prices.
A senior regulatory official had said, “It’s a pretty straightforward issue. 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 Federal Government later stepped in. The refinery has now suspended dollar sales, while talks on the naira-for-crude arrangement continue. Although its new ex-depot price of N1,215 per litre is still below the N1,275 charged by importers, market operators warned the increase could push depot and pump prices higher. Petrol sold for about N1,300 per litre in Lagos and other parts of the country on Wednesday as oil traded around $94 per barrel amid renewed tension in the Middle East.
