Twenty-two days after halting sales in naira, the Dangote Refinery has resumed selling refined petroleum products in the local currency. This move, coupled with a downward review of its loading cost to ₦865 per litre, is expected to trigger a nationwide reduction in petrol prices.
The 650,000-barrel-per-day facility previously sold petrol at ₦880 per litre. According to a notice sent to marketers on Thursday, the new price includes charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Other refined products remain priced in US dollars, while sales of PMS via coastal vessels are still suspended.
A pro forma invoice seen and confirmation from petroleumprice.ng validated the price change. The notice read:
“Our updated prices for 10.04.25 are: PMS Gantry: 865 in Naira (inclusive of NMDPRA), PMS Coastal: On hold, AGO Gantry: $579 + $77, AGO Coastal: $579 + $8, ATK Gantry: $622.25 + $42, ATK Coastal: $622.25 + $22, LPG Coastal: On hold.”
This price adjustment follows expectations among marketers that the refinery would slash petrol loading costs, further easing pressure on pump prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the development, noting the positive impact of the Federal Executive Council’s recent directive to reinstate the Naira-for-Crude policy.
On Wednesday, the Federal Executive Council directed full implementation of the suspended Naira-for-Crude agreement, emphasizing it as a long-term strategic policy—not a temporary measure—to boost local refining and energy security. This was confirmed by the Ministry of Finance in a statement titled “Update on the Crude and Refined Product Sales in Naira Initiative” following a meeting between the Minister of Finance, Wale Edun, and Dangote Refinery representatives.
According to the ministry, the initiative is designed to reduce Nigeria’s dependence on foreign exchange in the petroleum sector, enhance local refining, and strengthen economic sovereignty. The policy aims to stabilise the forex market by limiting dollar demand in domestic fuel transactions.
The government acknowledged potential implementation challenges but stressed that these are being actively addressed through coordinated stakeholder efforts. The initiative, it reiterated, will continue as long as it aligns with national interests and economic goals.
As a result, major marketers such as MRS Oil & Gas, Ardova Plc, and Heyden—who have direct agreements with Dangote—are expected to adjust their pump prices to around ₦910 to reflect the reduced ex-depot cost.
However, not all marketers are celebrating. Some had lifted stock at the previous price of ₦880 and now face selling at a loss. An industry source revealed that MRS lifted 90,000 metric tonnes (about 120 million litres) of PMS just days before the price drop.
Ukadike described the development as “relieving but mixed,” saying those with unsold stock bought at the higher rate are incurring heavy losses. Still, he admitted that the new price will allow for faster turnover and easier restocking.
IPMAN Vice President, Hammed Fashola, welcomed the move, stating, “This is what we’ve long advocated. It will bring price stability and ultimately benefit Nigerians. The earlier suspension of the policy led to the recent surge in prices, but with its reinstatement, we expect prices to drop.”
Oil and gas expert, Olatide Jeremiah, added that the resumption of naira-based sales has sparked new competition in the downstream sector, which could further benefit consumers.
