Dangote Refinery has suspended the sale of petrol otherwise known as premium motor spirit in Naira for gantry loading, setting the price at $0.779, or approximately N1,075 per litre for PMS.
In a notice distributed to clients by the company’s Group Commercial Operations, the refinery announced that this dollar-based pricing would take effect on Monday.
Consequently, the refinery has pegged the ex-depot benchmark price of automotive gas oil at $1.087 per litre and aviation fuel at $0.942 per litre, while pricing coastal deliveries of PMS at $1,044.62 per metric tonne.
To this effect, this means that the refinery has ended the practice of selling its products in local currency, a system that had been in place since the naira-for-crude transaction agreement with the Nigerian government officially began on October 1, 2024.
Announcing the development, its said, “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,”
At the time of publication, neither the Nigerian government nor Dangote Refinery had issued an official statement on the new pricing structure.
Meanwhile, this updated pricing model is expected to have far-reaching implications for the country’s downstream petroleum sector.
Read Also: Dangote Refinery Makes Fourth Fuel Price Cut in One Month
Independent Petroleum Marketers Association of Nigeria(IPMAN) Reacts
In response, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the president to step in quickly to address the challenges this development presents.
According to IPMAN spokesperson Chinedu Ukadike, pricing Dangote refinery products in dollars will place immense pressure on the naira and, consequently, push up retail petrol price if the federal government fails to intervene.
In an interview with Daily Post, he said, “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 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.”
Backstory…
Dangote Refinery’s decision to peg petrol price in dollar comes amid fresh escalation in the conflict between the United States and Iran, a development that has heightened concerns over global crude oil supplies and fuel prices.
Just three days ago, Iran announced the closure of the Strait of Hormuz after declaring that U.S. President Donald Trump’s threats “mean nothing” and vowing to avenge the death of its Supreme Leader, Ayatollah Ali Khamenei, immediately raising fears of disruptions to global energy markets and a spike in crude oil prices.
Tensions escalated further just a day later when President Trump announced on his Truth Social platform that the United States would begin imposing a 20% “safe passage” levy on ships transiting the Strait of Hormuz with immediate effect.
Meanwhile, on Monday morning, depot owners adjusted their ex-depot petrol prices upward, setting them between N1,085 and N1,090 per litre from the previous average of around N1,075.
Additionally, retail fuel rates across Abuja and nearby territories remained unchanged, holding steady at N1,155 and N1,205 per litre at the time of this report.
Read Also: US Announces Immediate 20% Levy for Ships Using Strait of Hormuz
