Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit in naira, but also increased its ex-depot price by N140 per litre.
The 650,000-barrels-per-day refinery announced the change in a notice to marketers titled _PMS Price Change Communication_, ending a brief and turbulent experiment with dollar-denominated pricing that lasted just one week.
The notice, issued by the refinery’s commercial department and independently confirmed by industry platform http://Petroleumprice.ng, stated that the revised prices took “immediate effect” from Tuesday, July 22, 2026.
Under the new template, the gantry price of petrol rose from N1,075 per litre to N1,215 per litre.
That’s an increase of N140, or 13.02 per cent. Coastal loading also jumped from N1,441,575 per metric tonne to N1,602,495 per metric tonne.
“”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,” the refinery told marketers.
The return to naira sales comes after the refinery suspended both gantry and coastal loading on July 15 and switched to dollar pricing. That move rattled the downstream market within days.
With Dangote out, marketers rushed to private depots.
The result was predictable: scarcity, higher costs, and long queues.
Average ex-depot prices at private depots climbed from about N1,075 per litre to approximately N1,275 per litre, a N200 or 18.6 per cent jump.
Independent marketers also stopped loading from Dangote, saying they could not source the dollars required.
“Yes, the refinery has returned to pricing its product in naira,” said Jeremiah Olatide, CEO of http://Petroleumprice.ng.News
Industry operators had warned that dollar pricing would create a forex crisis.
Based on Nigeria’s estimated daily petrol consumption of about 50 million litres, marketers would need roughly $40mln daily, or more than $14bln annually, to buy from Dangote.
The refinery defended the dollar move at the time, saying it was no longer receiving enough crude under the Federal Government’s naira-for-crude initiative and had to buy additional crude on the international market in dollars.
Under that suspended regime, petrol was sold at $0.779 per litre, AGO at $1.087 per litre, and Jet A1 at $0.942 per litre.
A senior regulatory official told _The PUNCH_ the refinery had not breached the Petroleum Industry Act.Geographic Reference
“The naira-for-crude deal is not to Dangote’s advantage right now because the company is sourcing crude in dollars.
He has absorbed a lot. But maybe he has got to a breaking point,” the official said.
The Federal Government later intervened following concerns from marketers about supply and forex pressure.
Discussions between the Dangote Group and government officials over the naira-for-crude arrangement are still ongoing.
For now, the return to naira is expected to restore normal product evacuation and ease distribution bottlenecks.
At N1,215 per litre, Dangote’s price is still N60 lower than the N1,275 offered by importers during the suspension.
But relief may be short-lived. With the new ex-depot price and global crude hovering around $94 per barrel amid Middle East tensions, petrol was already selling for about N1,300 per litre in Lagos and other cities on Wednesday.
Market operators say pump prices could rise further unless competition or cheaper crude provides a buffer.
Source – Platforms Africa
(vitalnewsngr.com)
