Dangote Reverts to Naira Petrol Sales, Blames Importers
The Dangote Petroleum Refinery has resumed the sale of petrol in naira after briefly switching to dollar-denominated pricing, with a company official attributing the reversal to importers deliberately withholding stocks in anticipation of higher prices.
A management source, who requested anonymity, told The PUNCH that the decision was taken in the national interest to avert fuel scarcity and further price increases. The official emphasised that the change was not due to any resolution of the crude oil supply shortfall that had prompted the dollar sales in the first place.
“We took a decision in the interest of the country to start selling Premium Motor Spirit in naira, since we saw that the importers were holding back their goods, looking for a price rise,” the source said.
A notice from the refinery’s commercial department on Wednesday set the gantry price at N1,215 per litre and the coastal price at N1,602,495 per metric tonne. The move ends a short-lived dollar pricing regime that had triggered anxiety in the downstream sector and led independent marketers to suspend loadings, citing difficulty in sourcing foreign exchange.
The refinery had earlier defended the dollar sales by explaining that it was no longer receiving adequate crude under the Federal Government’s naira-for-crude initiative and had been forced to purchase additional crude from the international market in dollars. The source indicated that talks with the government are ongoing and expressed hope that an agreement would be reached in good faith.
The official also criticised what he described as a preference among some government officials for exporting crude and importing refined products. Before the Dangote refinery began operations in 2024, Nigeria relied heavily on imported petrol despite being a major oil producer, with the country’s existing refineries largely non-functional.
Following the announcement of the N1,215 gantry price, many depots adjusted their rates downward to remain competitive, with prices reported between N1,215 and N1,220 per litre. Pump prices currently range from N1,260 to N1,300 per litre depending on location. The recent rise in petrol prices has been linked in part to higher global oil prices driven by renewed tensions in the Middle East, which pushed crude above $100 per barrel last week.
Higher international oil prices present mixed implications for Nigeria, potentially boosting export earnings and government revenue while increasing the cost of any remaining imported refined products and adding to inflationary pressures if domestic supply remains constrained.
