The Dangote Petroleum Refinery has officially reinstated naira-denominated gantry loading for Premium Motor Spirit (PMS), ending a week-long dollar-pricing template that disrupted downstream fuel supply across the country.
Under the revised pricing notice issued to marketers, the refinery fixed its new ex-depot gantry price at ₦1,215 per litre. This represents an increase of ₦140 per litre (13.02%) over the previous local currency rate of ₦1,075 per litre. Coastal bulk deliveries also saw an upward revision, with prices rising 11.2% to ₦1,602,495 per metric tonne.
Global Crude Rally Drives Refined Product repricing
The upward adjustment at the Lekki gantry is directly linked to an escalation in international crude oil prices.
Benchmark Brent crude climbed 3.18% to $93.90 per barrel, while West Texas Intermediate (WTI) rose 2.74% to $86.65 per barrel. The global price rally—fueled by geopolitical tensions in the Middle East—elevated the cost of crude feedstock for refiners globally, impacting production costs for gasoline, diesel, and aviation fuel.
The return to local-currency pricing ends a brief period of uncertainty that began on July 13, when the refinery suspended naira sales and pegged petrol at $0.779 per litre.
The refinery had attributed that shift to shortfalls under the Federal Government’s naira-for-crude initiative, noting that naira-denominated product sales had outpaced the actual naira crude allocations received from the state oil company. To cover the gap, the plant purchased foreign crude cargoes in U.S. dollars, creating an exchange rate mismatch when selling fuel locally.
While the transition to dollar pricing forced marketers to source fuel from private import depots—pushing average depot rates up to ₦1,275/litre—the restoration of naira gantry sales is expected to stabilize inland truck evacuation and improve fuel availability nationwide.
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