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The Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), also known as petrol, in naira after a week of dollar-denominated transactions, while increasing its ex-depot price by N140 to N1,215 per litre.
The resumption of naira transactions was communicated to marketers in a notice issued by the refinery’s commercial department on Wednesday and was independently confirmed by industry platform Petroleumprice.ng.
Under the revised template, the gantry price of petrol increased from N1,075 to N1,215 per litre, representing a 13 per cent rise. The coastal loading price also climbed from N1,441,575 to N1,602,495 per metric tonne.
The refinery informed marketers that all unloaded gantry volumes would be repriced under the new rates and urged customers to proceed with placing fresh orders.
The communication, titled PMS Price Change Communication, stated that the revised prices took immediate effect.
It read, “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 development comes one week after the 650,000-barrel-per-day refinery suspended truck loading of petrol and switched to dollar pricing, a move that disrupted fuel supply, pushed up depot prices and unsettled the downstream petroleum market.
During the suspension, private depot prices reportedly rose from about N1,075 to N1,275 per litre, while independent marketers halted purchases from the refinery, citing difficulties sourcing the foreign exchange required for transactions.
Industry stakeholders had warned that selling refined products in dollars would increase pressure on Nigeria’s foreign exchange market, weaken the naira and drive up fuel prices nationwide.
Based on the country’s estimated daily petrol consumption of 50 million litres, marketers were projected to require about $40 million daily, or more than $14 billion annually, to sustain purchases under the dollar payment arrangement.
The refinery had explained that the temporary shift to dollar pricing became necessary after crude oil supplies under the Nigerian Government’s naira-for-crude initiative declined, forcing it to source crude from the international market in dollars.
Government officials later intervened following concerns raised by petroleum marketers over the impact of the policy on fuel supply and foreign exchange demand.
With the return to naira transactions, market operators expect product evacuation and distribution to normalise. However, they cautioned that the higher ex-depot price could still lead to increases in depot and retail pump prices unless offset by stronger competition or lower international crude prices.
Meanwhile, petrol prices in Lagos and other parts of the country climbed to around N1,300 per litre on Wednesday as global oil prices hovered near $94 per barrel as tensions in the Middle East heighten.
