The Dangote Petroleum Refinery has resumed the domestic sale of Premium Motor Spirit (petrol) in naira after briefly switching to dollar-denominated transactions, while increasing its ex-depot price by N140 per litre.

The revised pricing, which took effect on July 22, sets the refinery’s gantry price at N1,215 per litre, up from N1,075 per litre. The coastal loading price was also adjusted upward to N1,602,495 per metric tonne, according to a notice issued to marketers.

The refinery had suspended petrol loading last week and introduced dollar pricing for refined products, citing challenges in sourcing crude oil under the Federal Government’s naira-for-crude arrangement. The move disrupted fuel supply, forced independent marketers to source products from private depots, and pushed depot prices significantly higher.

With the return to naira transactions, industry stakeholders expect product loading to normalise and distribution challenges experienced during the suspension to ease.

Despite the reversal, the new ex-depot price remains higher than the previous rate, raising concerns that retail pump prices could climb further across the country. Petrol prices in parts of Lagos and other cities had already risen to around N1,300 per litre amid higher global crude oil prices and renewed tensions in the Middle East.

During the period of dollar pricing, marketers warned that purchasing fuel directly from the refinery would require substantial foreign exchange, increasing pressure on the naira and adding to operating costs. Estimates suggested that meeting Nigeria’s daily petrol demand of about 50 million litres could require roughly $40 million in daily foreign exchange.

The refinery had maintained that its temporary dollar pricing reflected the reality of buying additional crude oil from the international market in foreign currency after domestic crude supplies under the naira-for-crude initiative became insufficient.

Talks between the Federal Government and the Dangote Group over the future of the naira-for-crude arrangement are still ongoing, with industry observers hopeful that a lasting resolution will help stabilise fuel supply and pricing in the domestic market.