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Dangote Petroleum Refinery has transitioned to dollar-denominated transactions, fixing the ex-depot price of petrol at $0.779 per litre and ending naira payments for refined products purchased from the facility.
In a notice to petroleum marketers, the refinery said all previously issued naira-denominated Proforma Invoices and Deal Recaps had become invalid. The new pricing places diesel at $1.087 per litre, aviation fuel at $0.942 per litre, and coastal petrol supplies at $1,044.62 per metric tonne.
Sources said a currency mismatch necessitated the shift, as the refinery receives more dollar-denominated crude cargoes from NNPCL while selling larger volumes of products in naira. The decision marks a major shift in the refinery’s commercial operations and could reshape pricing dynamics in Nigeria’s deregulated downstream petroleum sector.
Key Points:
Petrol pump prices may rise as marketers adjust to dollar-denominated ex-depot costs.
Naira-denominated transactions end, increasing exposure to exchange rate volatility.
Refinery reduces foreign exchange risk while consumers face potential cost increases.
Shift signals challenges in sustaining the government’s naira-for-crude policy.
The timing of the transition, amid forex instability, could accelerate inflationary pressures.
The impact on retail pump prices and the federal government’s response will determine whether the naira-for-crude policy can be sustained or requires revision.
Sources: Punch, Nairametrics
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