Marketers Sell Petrol N48 Above Dangote’s Price as Dollar Payment Takes Effect
By Aboki Forex —
Petrol marketers lifting fuel from Dangote Refinery have begun selling at N1,125 per litre, creating a N48 gap above the refinery's naira-equivalent gantry price. The pricing difference emerged after Dangote Refinery switched to dollar-denominated transactions, requiring marketers to pay in US dollars rather than naira.
How the N48 Gap Emerged
Petrol marketers sourcing fuel from Dangote Petroleum Refinery began retailing Premium Motor Spirit at N1,125 per litre on Wednesday, July 15. That figure sits N48 above the refinery's naira-equivalent gantry price of roughly N1,077 per litre.
The refinery's official dollar-denominated gantry price remains at $0.779 per litre. At the prevailing exchange rate, that translates to approximately N1,077 per litre.
Petroleumprice.ng reports that marketers connected to the facility have set their selling price higher. They are absorbing and passing on costs that were not a factor under the previous pricing arrangement.
Dollar Payment Framework Adds Pressure
The price difference represents the first notable divergence since Dangote Refinery began requiring marketers to settle payments in US dollars rather than naira. Under the earlier model, retail prices tracked the refinery's ex-depot rate far more closely.
Industry stakeholders attributed the N48 premium to the additional financial burden the new dollar-based payment framework places on marketers. Beyond the base cost of the product, marketers are now factoring foreign exchange procurement costs, financing charges, and broader operational expenses into their pump prices.
The refinery's official dollar price has not changed. But the cost of accessing those dollars within Nigeria's currency environment has added pressure on margins.
Ripple Effects Across Depots and Markets
The policy shift has also rippled through private depot operations. Loading prices for both petrol and diesel have adjusted upward at several facilities across the country since the dollar-denominated model came into effect.
The pricing adjustments are unfolding against a backdrop of renewed turbulence in global crude markets. Fresh geopolitical tensions between the United States and Iran are driving higher international crude prices. Persistent exchange rate volatility continues to influence what Nigerians pay for refined petroleum products.
Analysts noted that the spread between the refinery's official price and what marketers charge at the point of sale is a signal. The structural effects of the new payment model are already working their way through the downstream sector.
What This Means for Consumers
Market participants are watching developments closely. They anticipate further pricing movement as marketers adjust their operations to the refinery's new commercial terms and gauge the policy's longer-term effect on nationwide pump prices.
Earlier, the National Bureau of Statistics (NBS) revealed that the average retail price paid by consumers for petrol stood at N1,288.54 in March 2026. That represents a 2.13% increase compared with N1,261.65 recorded in March 2025. On a month-on-month basis, the average retail price rose by 22.55% from N1,051.47 in February 2026.
On a state-level analysis, Anambra State recorded the highest average retail price for petrol at N1,441.22, followed by Sokoto at N1,377.55 and Borno at N1,375.16.
For Nigerian consumers, the N48 gap between Dangote's gantry price and what marketers charge is an early sign that the dollar payment model will keep pump prices elevated. If the trend spreads further across the downstream sector, Nigerians could face sustained pressure on fuel costs even when global crude prices ease.