- Dangote Petroleum Refinery has stated that it has not received any dollar-denominated payments for petroleum products since introducing its new sales framework, despite some depot operators hiking prices.
- The refinery maintained that the recent increase in Premium Motor Spirit (petrol) prices by nearly ₦50 per litre at third-party depots is from old stock purchased before the dollar policy took effect.
- The official gantry price remains stable at $0.779 per litre, equivalent to roughly ₦1,077 per litre under current exchange rate metrics.
The management of the Dangote Petroleum Refinery has distanced its newly introduced dollar-denominated sales framework from the recent spike in Premium Motor Spirit (petrol) prices across several local depots.
Eko Hot Blog reports that this clarification comes amidst growing concerns in the downstream petroleum sector after some refinery-linked independent marketers increased their ex-depot prices by nearly ₦50 per litre.
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A senior official at the 700,000 barrels-per-day facility revealed on Wednesday that no marketer has actually completed a transaction using the new dollar-denominated payment arrangement.
According to the source, the petroleum products currently being sold to retailers at higher prices were purchased and stocked by marketers before the transition to the new payment policy.
The refinery expressed surprise at the speed with which depot prices were adjusted upward, emphasizing that the factory’s official gantry price remains constant at $0.779 per litre, which translates to approximately ₦1,077 per litre at prevailing foreign exchange rates.
Market intelligence reports indicate that several prominent marketing firms have adjusted their pricing structures.
While the refinery’s equivalent naira rate sits near ₦1,077, some independent depots are retailing petrol at prices ranging between ₦1,095 and ₦1,130 per litre.
Pinnacle: ₦1,130 per litre
Sahara: ₦1,127 per litre
African Terminal: ₦1,127 per litre
MRS: ₦1,095 per litre
This price adjustment marks the first major divergence between Dangote Refinery’s benchmark gantry price and the rates set by independent depot operators since the dollar payment structure was announced.
Despite this market friction, the refinery management reaffirmed its dedication to stable, responsible pricing, stating that the policy was designed to align with crude procurement costs rather than inflate pump prices.
However, industry experts have raised concerns regarding the sustainability of domestic dollar transactions.
Jeremiah Olatide, Chief Executive Officer of Petroleumprice.ng, argued that introducing a foreign currency payment framework for local gantry loading creates unnecessary friction for local marketers who have historically built their cash flows around the Nigerian Naira.
Olatide warned that the logistical and financial hurdles of sourcing foreign exchange to complete domestic fuel purchases have already caused delays in new product liftings.
He predicted that if the payment bottleneck persists, the impact will inevitably trickle down to retail filling stations within a week, potentially driving pump prices higher nationwide.
As a major cornerstone of Nigeria’s energy independence, the Dangote Petroleum Refinery remains a critical player in minimizing reliance on imported fuel.
The ongoing transition to a deregulated market continues to test the balance between global crude procurement obligations and the realities of the domestic downstream market.
