BREAKING: Dangote Refinery Resumes Naira-Denominated Fuel Sales, Announces New Price
Dangote Petroleum Refinery has resumed gantry loading in Naira, ditching its earlier decision to sell petrol in dollars.
The Genius Media Nigeria reports that the refinery also announced a new price for petrol, setting it at ₦1,215 per litre, an increase of ₦140 from the previous price of ₦1,075 per litre.
It will be recalled that Dangote Petroleum Refinery had pegged the ex-depot price of Premium Motor Spirit (PMS), better known as petrol or fuel, at $0.779 per litre, officially commencing dollar-denominated sales of refined petroleum products and ending the naira pricing regime introduced under the Federal Government’s naira-for-crude policy.
The new pricing template also reviewed benchmark prices for Automotive Gas Oil (diesel) and aviation fuel, signalling a major shift in the refinery’s commercial operations.
The development is expected to reshape pricing dynamics in Nigeria’s deregulated downstream petroleum sector, where the 650,000-barrels-per-day refinery has become the country’s largest supplier of refined petroleum products.
The switch to dollar-denominated pricing was linked to difficulties the refinery faced in procuring enough crude oil under the federal government’s naira-for-crude exchange arrangement.
However, the refinery has now reversed its decision to sell petrol to local marketers in dollars.
The refinery began accepting coastal loading orders again after notifying customers on Tuesday of the new terms.
The resumption comes after the facility suspended both coastal and gantry loading on Wednesday, July 15, when it switched to a dollar-denominated pricing model for refined petroleum products.
A source with direct knowledge of the development confirmed that depots receiving supplies through coastal channels had already begun passing the update to their own customers.
The source said: “We have issued communication to all customers loading through the coastal channel, and depots that receive products through coastal deliveries have already started notifying their customers. “Coastal loading resumed yesterday with the new coastal price. Gantry sales remain on hold, but from what we are seeing, gantry operations may also resume soon.”
