Fuel price: Dangote Refinery suspends petrol sale in Naira

Dangote Refinery has suspended the gantry sale of premium motor spirit in Naira and pegged it at $0.779, which is approximately N1,075 per litre for PMS.

In a notice to customers by the firm’s Group Commercial Operations, the refinery said the dollar price takes effect from Monday. 

Accordingly, the refinery benchmarked the ex-depot price of automotive gas oil, diesel, at $1.087 per litre and aviation fuel at $0.942 per litre, while coastal deliveries of PMS have been priced at $1,044.62 per metric tonne.

This means the refinery has suspended the purchase of its product in naira, which started on October 1, 2024, following the commencement of the naira-for-crude sale deal with the Nigerian government. 

“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.

“The applicable USD prices for each product, effective today, July 13, 2026, are provided,” it said.

Dangote Refinery and the Nigerian government have not officially commented on the new pricing when DAILY POST contacted them at the time of reporting. 

The Dangote Refinery’s price template has far-reaching implications for the country’s downstream oil sector. 

Reacting, the Independent Petroleum Marketers Association of Nigeria called for the president’s quick intervention to tackle the impending challenge the development portends. 

The spokesperson of IPMAN, Chinedu Ukadike, said that Dangote Refinery product pricing in dollars would put immense pressure on the naira and, by extension, retail prices of petrol if the federal government does not intervene. 

“First, I have not seen an official comment on the matter from Dangote Refinery or the Nigerian government. 

“Because this policy is going to put very strong pressure on the dollar. And you will see the dollar also climbing up. As crude oil is climbing up.

“These are the two most influential commodities.  These are issues. These are the two most influential issues or concepts. That normally triggers the price of domestic petroleum products in the pumps. The federal government should intervene immediately if this happens to be true,” he told DAILY POST in an interview on Tuesday. 

As of Monday morning, depot owners pegged their ex-depot petrol prices to between N1,085 and N1,090 per litre from around N1,075. 

Fuel retail prices had remained flat at N1155 and N1205 per litre in Abuja and its environs at the time of reporting.

Crude oil prices soared to $80 and $85 per barrel for West Texas Intermediate and Brent, respectively, amid heightened tension in the Middle East. 

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