Dangote Refinery has suspended the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira, introducing a new pricing template denominated in United States dollars.
In a notice issued to customers by the refinery’s Group Commercial Operations, the company announced that its gantry price for PMS has been fixed at $0.779 per litre, equivalent to about ₦1,075 per litre, with effect from Monday.
Under the new pricing structure, automotive gas oil (diesel) has been pegged at $1.087 per litre, aviation fuel at $0.942 per litre, while coastal deliveries of PMS will sell for $1,044.62 per metric tonne.
The development effectively ends the refinery’s naira-based product sales, which began on October 1, 2024, following the implementation of the federal government’s naira-for-crude arrangement.
The notice to customers stated: “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 below.”
As of the time of filing this report, neither Dangote Refinery nor the Federal Government had issued an official statement explaining the shift to dollar-denominated pricing.
The move is expected to have significant implications for Nigeria’s downstream petroleum sector, particularly for fuel pricing and foreign exchange demand.
Reacting to the development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) urged President Bola Tinubu to intervene, warning that the policy could intensify pressure on the naira and trigger higher petrol prices nationwide.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, said the association was awaiting official clarification but cautioned that pricing petroleum products in dollars could further weaken the local currency.
“First, I have not seen an official comment on the matter from Dangote Refinery or the Nigerian government,” Ukadike said in an interview.
“Because this policy is going to put very strong pressure on the dollar. And you will see the dollar also climbing up, just as crude oil prices are climbing.
“These are the two most influential factors that normally determine the price of petroleum products at the pumps. The federal government should intervene immediately if this happens to be true,” he added.
The announcement comes as depot owners on Monday adjusted their ex-depot petrol prices upward to between ₦1,085 and ₦1,090 per litre, from about ₦1,075 per litre.
Meanwhile, pump prices remained largely unchanged in Abuja and neighbouring areas, with petrol selling between ₦1,155 and ₦1,205 per litre at the time of reporting.
The latest development also coincides with a sharp rise in global crude oil prices, with West Texas Intermediate (WTI) trading around $80 per barrel and Brent crude nearing $85 per barrel amid escalating tensions in the Middle East.
