Dangote Refinery Switches Petrol Sales from Naira to Dollar Pricing
Dangote Petroleum Refinery has officially ended the sale of Premium Motor Spirit (PMS), also known as petrol, in naira, adopting a dollar-based pricing system for its refined petroleum products.
Under the new pricing template, which took effect on Monday, the refinery fixed the ex-depot price of petrol at $0.779 per litre, while Automotive Gas Oil (diesel) will sell for $1.087 per litre and Aviation Turbine Kerosene (ATK) at $0.942 per litre.
The refinery also pegged the price of petrol for coastal deliveries at $1,044.62 per metric tonne.
The development marks the end of the naira payment system introduced following the Federal Government’s naira-for-crude policy, which commenced on October 1, 2024.
In a notice to petroleum marketers and customers, the refinery said all previously issued naira-denominated Proforma Invoices (PFIs) and Deal Recaps for gantry and coastal transactions had been cancelled.
It stated: “Following our email of July 9, 2026, regarding the transition from naira to United States dollars, all issued naira coastal and gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.”
The company added that the new dollar-denominated prices became effective from July 13, 2026.
However, the refinery clarified that the new payment arrangement does not affect Liquefied Petroleum Gas (LPG) transactions, which will continue under the existing payment system.
Industry sources attributed the shift to the need to address the growing disparity between the currency used to purchase crude oil and the currency in which refined products were sold.
According to the sources, the refinery now receives a larger share of its crude oil supply from the Nigerian National Petroleum Company Limited (NNPCL) through dollar-denominated transactions, while much of its refined products had continued to be sold in naira.
They noted that the resulting foreign exchange exposure, coupled with fluctuations in global crude oil prices and exchange rate volatility, made the transition to dollar-based product sales necessary.
