The Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira after a week-long suspension of local currency transactions, but has simultaneously increased its ex-depot price by N140 per litre.
The development marks the end of the refinery’s brief dollar-denominated pricing regime, which disrupted the downstream petroleum market, tightened product supplies and contributed to a sharp rise in depot prices across the country.
A notice issued by the refinery’s commercial department and confirmed by industry platform Petroleumprice.ng informed marketers that the revised pricing took immediate effect.
Under the new pricing structure, the gantry price of petrol has increased from N1,075 per litre 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 communication, titled PMS Price Change Communication, stated that all unloaded gantry volumes would be repriced under the new rate effective July 22, 2026.
“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,” the notice read.
The return to naira transactions reverses the refinery’s decision on July 15 to suspend gantry and coastal loading while introducing dollar pricing for refined petroleum products.
The move had forced marketers to rely on private depots, where petrol prices climbed sharply as available supplies dwindled.
During the period, the average ex-depot price at private depots reportedly increased from around N1,075 to N1,275 per litre, an increase of approximately 18.6 per cent.
The shift to dollar payments also prompted independent marketers to halt purchases from the refinery, citing difficulties in accessing the foreign exchange needed to complete transactions.
Industry stakeholders warned at the time that maintaining dollar-denominated sales would significantly increase pressure on Nigeria’s foreign exchange market, weaken the naira and ultimately drive up petrol prices nationwide.
Based on Nigeria’s estimated daily petrol consumption of about 50 million litres, marketers were projected to require roughly $40 million every day, amounting to more than $14 billion annually, to sustain purchases under the dollar payment arrangement.
The refinery had defended its temporary decision, explaining that it was no longer receiving sufficient crude oil under the federal government’s naira-for-crude initiative and had resorted to sourcing additional crude from the international market in dollars.
Under the suspended pricing template, petrol was sold at $0.779 per litre, Automotive Gas Oil (diesel) at $1.087 per litre, while Jet A1 aviation fuel was priced at $0.942 per litre.
A senior regulatory official had also maintained that the refinery did not violate the Petroleum Industry Act by selling refined products in dollars, arguing that the company was merely attempting to recover rising operational costs associated with purchasing crude oil in foreign currency.
Following widespread concerns from petroleum marketers over the implications for fuel supply and foreign exchange demand, the federal government intervened, while discussions with the Dangote Group over the future of the naira-for-crude arrangement continue.
Petroleumprice.ng Chief Executive Officer, Jeremiah Olatide, confirmed that the refinery has now suspended dollar sales and resumed naira transactions.
Although the new ex-depot price of N1,215 per litre remains lower than the N1,275 per litre charged by some fuel importers, industry operators believe the increase is likely to translate into higher depot and retail pump prices if global crude oil prices remain elevated.
They, however, expressed optimism that the return to naira payments would restore normal product loading operations and ease the supply disruptions experienced during the past week.
Meanwhile, petrol pump prices climbed to around N1,300 per litre in Lagos and several other parts of Nigeria on Wednesday as international crude oil prices hovered around $94 per barrel amid renewed geopolitical tensions in the Middle East.
