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🇳🇬 Nigeria /Economy & Trade

Dangote fixes petrol price at $0.779 per litre in new pricing template

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • Dangote Petroleum Refinery has set its ex-depot price for petrol at $0.779 per liter, shifting to dollar-denominated transactions.
  • The refinery also updated prices for diesel and aviation fuel, ending the naira-for-crude arrangement for product purchases.
  • This transition aims to align product sales with the currency used for crude oil procurement and could reshape pricing in Nigeria's downstream petroleum sector.

Dangote Petroleum Refinery has announced a significant shift in its commercial operations, establishing an ex-depot price of $0.779 per liter for Premium Motor Spirit (petrol) and transitioning to dollar-denominated transactions. This move effectively ends the previous naira payments for refined petroleum products, which were part of the Federal Government's naira-for-crude arrangement initiated in October 2024.

Following our email of July 9, 2026, regarding the transition from naira to United States dollars (USD), please note that all issued naira coastal and gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.

— Dangote RefineryIn a notice to petroleum marketers and customers announcing the invalidity of naira-denominated invoices.

The refinery has also revised benchmark prices for diesel and aviation fuel. Automotive Gas Oil (diesel) is now priced at $1.087 per liter, and aviation fuel at $0.942 per liter. Coastal deliveries of PMS are set at $1,044.62 per metric tonne. These new rates, effective July 13, 2026, render all previously issued naira-denominated Proforma Invoices and Deal Recaps invalid.

This transition to dollar pricing is intended to align the refinery's sales with the currency used for procuring a substantial portion of its crude oil feedstock. Sources indicate that the refinery has been receiving a larger share of its crude oil supplies from the Nigerian National Petroleum Company Limited under dollar-denominated arrangements, while domestic sales of refined products were still in naira. This imbalance necessitated a uniform pricing framework.

The applicable USD prices for each product, effective today, July 13, 2026, are provided below.

— Dangote RefineryIntroducing the new dollar-denominated pricing schedule.

The move is expected to reshape pricing dynamics within Nigeria's deregulated downstream petroleum sector, where Dangote Refinery has become the country's largest supplier of refined products. The refinery clarified that this transition to USD pricing does not apply to Liquefied Petroleum Gas (LPG) transactions.

Also note that this transition to USD does not apply to LPG transactions.

— Dangote RefineryClarifying that Liquefied Petroleum Gas transactions remain unaffected by the dollar pricing shift.
DistantNews Editorial

Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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