The Dangote Petroleum Refinery has restarted gantry loading of Premium Motor Spirit in naira, putting an end to a week-long suspension that created significant ambiguity in the downstream market regarding dollar-denominated sales.
Reports confirm that the refinery set its new ex-depot price at N1,215 per litre. This marks a N140 increase—approximately 13.02 percent—compared to the former rate of N1,075 per litre. This pricing shift follows a notable surge in international crude oil benchmarks, with Brent crude rising to $93.90 per barrel.
The return to naira-based transactions is intended to stabilize supply chains, which had faced disruptions after the refinery initially switched to dollar sales due to difficulties in the federal crude-for-naira program. Despite this restart, domestic fuel costs continue to climb.
Across Nigeria, depot prices in hubs like Lagos, Port Harcourt, and Warri have risen significantly. For example, the Bulk Strategic Reserve in Lagos hiked its prices by N87 per litre to reach N1,350. Consequently, retail pump prices in Lagos have shifted to a range between N1,300 and N1,400 per litre, sparking widespread concern regarding the increasing cost of living and transportation for citizens.
