New Depot Prices Emerge As Dangote Refinery Suspends Petrol Sales in Naira
- Private depots have adjusted their petrol prices in just 24 hours following Dangote Refinery’s suspension of naira-based sales
- The refinery blamed the decision on the depletion of its crude-for-naira allocation and it has to rely on importation
- Dangote is also facing accusation from Labour unions over alledged anti-labour practices which has been denied
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Petroleum Refinery and Petrochemicals Limited has suspended the sale of petrol in naira from Sunday, September 28, 2025.
In an email sent to customers at 6:42 p.m. on Friday, September 26, the company said the decision followed the depletion of its crude-for-naira allocation, which had enabled domestic currency transactions in recent months.
Source: Getty Images
The statement, signed by the Group Commercial Operations, read in part:
“We have been selling petroleum products in excess of our naira-crude allocations and, consequently, we are unable to sustain PMS sales in naira going forward. Kindly note that this suspension will be effective from Sunday, 28th of September, 2025.”
The refinery directed customers with ongoing naira transactions to request refunds.
New depot petrol prices in Nigeria
The suspension has triggered movements in depot prices, with market data from Petroleumprice.ng showing sharp increases across key depots:
- Dangote Lagos: ₦840 to ₦860 (2.38%)
- NIPCO Lagos: ₦835 to ₦860 (2.99%)
- Wosbab Lagos: ₦835 to ₦860 (2.99%)
- Rainoil Lagos: ₦837 to ₦855 (2.15%)
- Matrix Warri: ₦850 to ₦865 (1.76%)
- Sobaz Calabar: ₦848 to ₦860 (1.42%)
- Sigmund Port Harcourt: ₦854 to ₦870 (1.87%)
Analysts warn of petrol price hikes
Industry analysts say the decision could worsen volatility in the downstream sector, Punch reports.
Jeremiah Olatide, Chief Executive Officer of Petroleumprice.ng, warned:
“Petrol prices could soar above ₦900 per litre if transactions are shifted predominantly to the dollar.”
He noted that Dangote had played a key role in holding down pump prices in recent months despite forex pressures.
Source: Getty Images
Labour unions push back
The refinery is also battling industrial unrest. Labour unions have accused Dangote of sacking more than 800 Nigerian workers, describing the move as “anti-labour practices.”
The Petroleum and Natural Gas Senior Staff Association of Nigeria vowed to resist what it called “an unjust and insensitive corporate decision,” threatening solidarity actions nationwide if the matter is not resolved.
With Dangote Refinery seen as central to Nigeria’s fuel security, stakeholders warn the combined crises of naira sales suspension and labour disputes could undermine government reforms aimed at stabilising the fuel market.
NNPC asks marketers to top up payment
Earlier, Legit.ng reported that Nigerian National Petroleum Company Limited (NNPC) has directed petroleum marketers who purchased fuel through its online portal to top up payment.
The national oil company said the additional payment is to cover for new petrol prices or they will risk losing them.
Andy Odeh said marketers who cannot meet the new ex-depot rates can also request refunds instead.
Source: Legit.ng
