Dangote Petroleum Refinery has resumed selling Premium Motor Spirit (PMS), also known as petrol, in naira after previously switching to dollar-denominated sales.
The refinery also announced a new gantry price of N1,215 per litre, representing an increase of N140 from the previous price of N1,075 per litre.
In a statement released on Wednesday, the refinery said, “Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira, providing a measure of relief to marketers and consumers.
“The gantry price is fixed at N1,215/ litre.”
The refinery had earlier introduced a dollar pricing system, fixing the ex-depot price of petrol at $0.779 per litre after ending the naira pricing arrangement under the Federal Government’s naira-for-crude policy.
The new pricing template also adjusted the benchmark prices for diesel and aviation fuel, marking a major change in the refinery’s commercial operations.
The move was expected to influence fuel pricing across Nigeria’s deregulated downstream petroleum sector, where the 650,000-barrel-per-day Dangote Refinery is the country’s largest supplier of refined petroleum products.
The refinery’s earlier decision to sell petrol in dollars was linked to challenges in sourcing enough crude oil under the Federal Government’s naira-for-crude arrangement.
However, it has now reversed that decision and resumed selling petrol to local marketers in naira.
The refinery also resumed accepting coastal loading orders after informing customers of the new pricing terms on Tuesday.
This follows the suspension of both coastal and gantry loading on July 15 when the refinery adopted dollar-denominated sales.
A source familiar with the development confirmed that depots receiving products through the coastal channel had started notifying their customers.
The source said, “We have issued communication to all customers loading through the coastal channel, and depots that receive products through coastal deliveries have already started notifying their customers. “Coastal loading resumed yesterday with the new coastal price. Gantry sales remain on hold, but from what we are seeing, gantry operations may also resume soon.”
