Dangote Refinery Resumes Naira Petrol Sales, Price Hike

Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (petrol) in naira, ending a brief dollar-denominated pricing regime. The ex-depot price has increased from N1,075 per litre to N1,215 per litre, marking a rise of N140 or 13.02 percent.

This change was communicated to marketers on Wednesday and took immediate effect. The coastal loading price also rose from N1,441,575 per metric tonne to N1,602,495 per metric tonne.

The refinery had suspended truck loading on July 15, switching to dollar pricing, which caused market instability and increased depot prices. During the suspension, the average ex-depot price at private depots rose from about N1,075 to approximately N1,275 per litre.

Industry operators warned that the dollar pricing policy would increase demand for foreign exchange and weaken the naira. The Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, confirmed the return to naira pricing, alleviating concerns among marketers and consumers.