Relief As Dangote Resumes Petrol Sale in Naira, Announces New Prices
- Dangote Petroleum Refinery has ended dollar-based petrol pricing and returned to naira transactions on Wednesday, July 22, 2026
- The refinery issued a new pricing notice to marketers, with a revised ex-depot gantry price taking effect immediately
- The return to naira pricing came after independent marketers raised concerns over the cost of sourcing foreign exchange
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 has switched back to naira pricing for Premium Motor Spirit on Wednesday, July 22, 2026, ending a week in which fuel was sold exclusively in US dollars following the suspension of truck loading operations.
The refinery communicated the change to petroleum marketers through a pricing notice issued by its commercial department, titled PMS Price Change Communication. Industry monitoring platform Petroleumprice.ng also confirmed the development.
Source: Getty Images
New prices take effect immediately
Under the revised pricing template, the refinery set its ex-depot gantry price at N1,215 per litre, up from N1,075 per litre, an increase of N140 or 13.02%. The coastal loading price was also raised from N1,441,575 per metric tonne to N1,602,495 per metric tonne, Punch reports.
In the notice, the refinery wrote:
"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."
Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, confirmed the development, saying:
"Yes, the refinery has returned to pricing its product in naira."
Legit.ng reported that the refinery had halted both gantry and coastal loading on July 15, citing difficulties with the federal government's naira-for-crude supply arrangement.
Reduced crude allocations under the scheme forced the company to source feedstock from international markets, where payments are made in dollars.
During the suspension, petrol was priced at $0.779 per litre, diesel at $1.087 per litre, and Jet A1 aviation fuel at $0.942 per litre.
Independent marketers pushed back hard against the dollar policy, arguing it would force them to chase scarce foreign exchange and drive up their operating costs significantly.
Source: Getty Images
What the return means for the market
Analysts estimated that supplying Nigeria's daily petrol demand of roughly 50 million litres under a dollar-payment model would require about $40 million per day, equivalent to more than $14 billion each year, BusinessDay reports.
As loading stalled, marketers turned to private depots, and average ex-depot petrol prices climbed from around N1,075 per litre to about N1,275 per litre during that period.
Although the new naira price of N1,215 per litre is higher than the refinery's pre-suspension rate, it remains below the N1,275 per litre that some private depots were charging during the disruption.
Industry stakeholders believe the resumption of naira-based sales could help stabilise fuel loading and ease distribution pressures across the downstream sector.
Depots increase petrol prices
In a related development, private fuel depots across Nigeria have raised petrol prices above N1,200 per litre following a halt in gantry loading operations at Dangote Petroleum Refinery, fuelling fears of further increases at the pump.
Data gathered by Petroleumprice.ng, a platform that monitors downstream petroleum market activity, showed that depots in Lagos, Warri, Port Harcourt and Calabar revised their ex-depot prices to between N1,200 and N1,230 per litre on Thursday.
The price adjustments followed Dangote Refinery's decision to stop product loading at its gantry.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
