Dangote Petroleum Refinery has explained why it abandoned its short-lived U.S. dollar petrol sales policy, saying the move was necessary to stop artificial supply shortages and stabilise Nigeria’s fuel market.
The refinery said it returned to pricing Premium Motor Spirit (PMS) in naira after discovering that some fuel importers were allegedly withholding products in anticipation of higher prices, a situation it said was putting unnecessary pressure on supply and consumers.
Speaking on July 28, 2026, a refinery management official said the decision to revert to naira sales was taken in the country’s interest to prevent market manipulation and ensure the smooth distribution of petrol nationwide.
The shift away from dollar-denominated transactions is also aimed at shielding consumers from sudden price increases while restoring stability to the domestic fuel market.
The refinery had initially introduced dollar pricing for gantry sales after facing crude oil supply challenges under the Federal Government’s naira-for-crude arrangement.
However, the temporary policy forced independent petroleum marketers to suspend product loading because of severe foreign exchange constraints, leading to higher prices across private depots.
To restore seamless distribution, the refinery resumed naira sales, fixing the gantry price at ₦1,215 per litre and the coastal price at ₦1,602,495 per metric tonne.
Following the return to naira pricing, depot prices across the country began to moderate as fuel distribution normalised.
The refinery management official said the decision was taken after the company observed that some importers were holding back products in anticipation of a price increase.
The refinery also confirmed that it is continuing discussions with the Federal Government to establish a reliable long-term framework for sourcing locally produced crude oil.
The company expressed optimism that ongoing negotiations would produce a sustainable solution, while noting the long-standing practice of exporting crude oil to foreign traders before importing refined petroleum products into Nigeria.
Despite continued foreign exchange volatility and fluctuations in global crude oil prices, the refinery reaffirmed its commitment to supporting affordable domestic energy.
The company said the return to naira sales is expected to ease supply bottlenecks and further improve fuel distribution efficiency across Nigeria.
