Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira, ending a brief period of dollar-denominated transactions for local buyers. The refinery also announced a new ex-depot (gantry) price of ₦1,215 per litre, representing an increase of ₦140, or about 13%, from the previous price of ₦1,075 per litre.
The revised pricing took effect immediately, with marketers informed that all pending gantry orders yet to be loaded would be repriced at the new rate. The move follows the refinery’s decision to reverse its temporary dollar pricing policy, which had generated uncertainty among fuel marketers and stakeholders in Nigeria’s downstream petroleum sector.
According to the refinery, the price adjustment reflects rising international crude oil prices, which have significantly increased the cost of producing refined petroleum products, including petrol, diesel and aviation fuel. Industry observers say the higher ex-depot price is likely to trigger another round of increases in pump prices at filling stations nationwide as marketers adjust their retail prices to reflect the new landing cost.
The return to naira-denominated sales is expected to provide some relief to local marketers, many of whom had expressed concerns over sourcing foreign exchange during the refinery’s brief dollar sales regime. The refinery had earlier adopted dollar pricing amid challenges linked to crude oil procurement under the federal government’s naira-for-crude arrangement.
As Nigeria’s largest supplier of refined petroleum products, Dangote Refinery plays a crucial role in determining fuel pricing across the country. Any adjustment to its ex-depot price typically has a direct impact on depot operators, independent marketers and ultimately consumers at the pump.
The latest development comes as Nigerians continue to grapple with the rising cost of living, with fuel prices remaining a major driver of transportation and food costs. While the return to naira transactions removes the uncertainty associated with dollar payments, the higher ex-depot price is expected to keep pressure on household budgets unless global crude prices ease in the coming weeks.
