Dangote Refinery has suspended Naira Sales amid rising crude oil prices.
NewsOnline Nigeria reports that Dangote Refinery has suspended the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira, introducing a new pricing template that denominates its products in United States dollars.
In a notice issued to customers by its Group Commercial Operations, the refinery announced that, effective Monday, petrol would now be sold at $0.779 per litre, equivalent to approximately ₦1,075 per litre at the prevailing exchange rate.
The refinery also fixed the ex-depot price of Automotive Gas Oil (diesel) at $1.087 per litre, while aviation fuel will sell for $0.942 per litre. Coastal deliveries of PMS were priced at $1,044.62 per metric tonne.
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The development marks a major policy shift for the $20 billion refinery, which had been selling petroleum products in naira since October 1, 2024, under the Federal Government’s naira-for-crude arrangement.
In the notice, Dangote Refinery informed marketers that all previously issued Proforma Invoices (PFIs) and Deal Recaps denominated in naira had been cancelled.
“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,” the notice stated.
As of the time of filing this report, neither Dangote Refinery nor the Federal Government had issued an official statement explaining the decision.
The policy change is expected to have significant implications for Nigeria’s downstream petroleum sector, particularly at a time when global crude oil prices are rising due to renewed geopolitical tensions in the Middle East.
Industry stakeholders have expressed concern that pricing refined petroleum products in dollars could increase pressure on Nigeria’s foreign exchange market and potentially trigger another round of fuel price adjustments.
Reacting to the development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) called on President Bola Ahmed Tinubu to urgently intervene.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, warned that if the policy is implemented, it could further weaken the naira and lead to higher pump prices across the country.
“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 factors that normally determine the price of petroleum products at the pump. The Federal Government should intervene immediately if this turns out to be true,” Ukadike said.
The announcement has already begun influencing the downstream market. As of Monday morning, depot owners adjusted their ex-depot petrol prices upward to between ₦1,085 and ₦1,090 per litre, compared to about ₦1,075 per litre previously.
Retail pump prices, however, remained unchanged at between ₦1,155 and ₦1,205 per litre in Abuja and neighbouring areas at the time of filing this report.
The latest pricing adjustment comes as international crude oil prices surged, with West Texas Intermediate (WTI) trading around $80 per barrel and Brent crude climbing to about $85 per barrel, amid escalating tensions in the Middle East.
