Dangote Refinery Resumes Naira Sales, Petrol Depot Prices Set to Drop by Over 4%

The depot price of Premium Motor Spirit (PMS), commonly known as petrol, is expected to fall by more than 4.19 percent—from N870 to N835 per litre—following the resumption of Naira-denominated sales by the Dangote Petroleum Refinery.

Confirming the development, the refinery announced:

“Following the intervention of the Naira for Crude Transaction Committee Chairman, we are pleased to inform you of the resumption of PMS Sales in Naira commencing immediately. You may kindly proceed to place your orders in Naira for both self-collection and free delivery of PMS to the earlier advised locations across the country.”

The company noted that the earlier suspension of Naira-denominated sales, scheduled to take effect on Sunday, September 28, has been lifted. It urged customers to disregard the suspension notice and assured that uninterrupted sales would continue to guarantee affordable petrol for Nigerians.

Checks by Vanguard over the weekend revealed that some depots, including Matrix (Calabar) and Sigmund, had raised prices to N870 per litre from N835 following the suspension. Analysts had projected a possible rise to N900 per litre if the suspension persisted.

Speaking on the issue, the National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, said:

“The suspension of petrol in Naira would have adverse effects on markets. I hear that Dangote Refinery said that it has not been able to get crude oil supplies on a sustainable basis. This is sad.”

Similarly, the Chief Executive Officer of the Major Energy Marketers Association of Nigeria (MEMAN), Clement Isong, explained:

“The Dangote Petroleum Refinery is located in a free zone, allowing it to import crude oil, produce, and export petroleum products in dollars. The refinery can also refine and deliver petroleum products locally in dollars, with only gantry sales transacted in naira. In the past, Dangote coastal sales have been predominantly in USD, but there have been some transactions in Naira.

“In cases of disputes, all parties should be free to escalate issues for resolution through wider consultation. If such consultations fail, the sector regulator should intervene by applying relevant laws. I believe this matter will receive the required attention and will be resolved before it escalates further.”

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