Dangote Refinery Shifts Petrol Sales to Dollar Pricing

Dangote Refinery has announced a shift in its petrol sales from Naira to Dollars, effective July 13, 2026. This decision follows a notice regarding the introduction of a Naira crude arrangement by the Nigerian government, set to take effect on October 1, 2024.

The refinery has fixed the ex-depot price for petrol at 0.779 per liter, while automotive gas oil (diesel) will be priced at 1.087 per liter, and aviation turbine kerosene at 0.942 per liter. Coastal delivery petrol is set at 1,044.62 per metric ton.

The transition aims to address the growing mismatch between the currency of crude oil sales and the Naira-denominated sales of refined products, which exposes the company to foreign exchange risks. The Dangote Refinery has been receiving a larger share of its crude oil supply from the Nigerian National Petroleum Company Limited (NNPCL) under a dollar-based arrangement, as a significant portion of its refined products continues to be sold in Naira, leading to currency mismatches amid volatile international crude oil prices and exchange rate uncertainties.