Dangote Refinery suspends petrol sale in Naira, switches to dollar pricing

Dangote Refinery has suspended the gantry sale of premium motor spirit (PMS) in Naira and pegged it at $0.779, which is approximately N1,075 per litre. The new dollar pricing takes effect from Monday, July 13, 2026, according to a notice to customers from the firm's Group Commercial Operations.

The refinery also benchmarked the ex-depot price of automotive gas oil (diesel) at $1.087 per litre and aviation fuel at $0.942 per litre. Coastal deliveries of PMS have been priced at $1,044.62 per metric tonne.

Naira-for-crude deal suspended

This development means the refinery has halted the purchase of its products in naira, a system that started on October 1, 2024, following the commencement of the naira-for-crude sale deal with the Nigerian government. In its notice, the refinery 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.”

Neither Dangote Refinery nor the Nigerian government has officially commented on the new pricing when DAILY POST contacted them at the time of reporting.

IPMAN calls for presidential intervention

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for the president's quick intervention to tackle the impending challenge this development portends. The spokesperson of IPMAN, Chinedu Ukadike, said that Dangote Refinery product pricing in dollars would put immense pressure on the naira and, by extension, retail prices of petrol if the federal government does not intervene.

“First, I have not seen an official comment on the matter from Dangote Refinery or the Nigerian government. Because this policy is going to put very strong pressure on the dollar. And you will see the dollar also climbing up. As crude oil is climbing up. These are the two most influential commodities. These are issues. These are the two most influential issues or concepts. That normally triggers the price of domestic petroleum products in the pumps. The federal government should intervene immediately if this happens to be true,” he told DAILY POST in an interview on Tuesday.

Current fuel prices and crude oil trends

As of Monday morning, depot owners pegged their ex-depot petrol prices between N1,085 and N1,090 per litre from around N1,075. Fuel retail prices had remained flat at N1,155 and N1,205 per litre in Abuja and its environs at the time of reporting. Crude oil prices soared to $80 and $85 per barrel for West Texas Intermediate and Brent, respectively, amid heightened tension in the Middle East.

For Nigerian consumers and businesses, the switch to dollar pricing by Dangote Refinery could trigger a fresh round of petrol price increases and further weaken the naira if the government does not step in to stabilise the downstream oil sector.