Market News

The Dangote Oil Refinery has reversed its decision to sell Premium Motor Spirit (PMS), also known as petrol, in dollars, choosing instead to load at the gantry in Nigeria’s local currency (Naira).

• Dangote Oil Refinery has reversed its decision to sell petrol in US dollars and now offers it in Nigerian naira.
• The new ex-depot price for petrol is set at N1,215 per litre, an increase of N140 from the previous price.
• This change comes after a week of uncertainty and higher prices, which impacted independent marketers forced to buy from private depots.
• Dangote had previously priced diesel and aviation fuel in dollars and invalidated all naira-based invoices during that period.

Following a week of economic uncertainty owing to Dangote’s decision to load fuel in dollars, the refinery has fixed its new ex-depot (gantry) price to Naira, albeit at a higher cost.

The new price was revised to N1,215 per litre, representing an increase of N140 per litre, or 13.02 per cent, from the previous price of N1,075 per litre.

“Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira, providing a measure of relief to marketers and consumers,” a statement released on Wednesday read

“The gantry price is fixed at N1,215/ litre,” it added, as seen on Naija News.

After notifying clients of the new conditions on Tuesday, the refinery resumed the acceptance of orders for coastal loading.

Following an extended period of uncertainty within the downstream petroleum market due to the suspension of fuel sale in naira, which compelled several independent marketers to procure supplies from private depots, the refinery has reinstated naira-denominated pricing for truck loading.

Former dollar pricing by Dangote

A general view of Dangote Petroleum Refinery Petrochemicals in Lagos, on May 22, 2023. Nigerian President Muhammadu Buhari has inaugurated Dangote Petroleum Refinery and Petrochemicals, the largest single-train refinery in the world with 650,000 barrels per day refining capacity. [Photo by PIUS UTOMI EKPEI/AFP via Getty Images]

Under the dollar pricing system, Automotive Gas Oil (diesel) was set to cost $1.087 per litre, while Aviation Turbine Kerosene (ATK) was priced at $0.942 per litre. Petrol delivered via coastal deliveries was tagged at $1,044.62 per metric tonne.

At the time, the refinery notified marketers and customers that all previously issued naira-denominated Proforma Invoices and Deal Recaps for gantry and coastal transactions were no longer legitimate.

The notice, signed by the refinery’s Group Commercial Operations, read, “Following our email on the 9th of July, 2026, regarding the transition from Naira to United States Dollars, please note that all issued Naira Coastal and Gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.