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Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit in naira, ending its brief dollar-denominated pricing regime, while increasing its ex-depot price by N140 per litre to N1,215, effective July 22.
The refinery had suspended truck loading of petrol and switched to dollar pricing last week, unsettling the downstream market and triggering a sharp increase in depot prices. The return to naira transactions was communicated to marketers in a notice on Wednesday.
.. See the viral video / attached to this Content.
The refinery had defended its temporary migration to dollar pricing, citing inadequate crude supply under the naira-for-crude initiative. Discussions between Dangote and the Federal Government over the arrangement are ongoing.
Key Points:
Dangote Refinery resumes petrol sales in naira after brief dollar regime.
Ex-depot price increased by N140 to N1,215 per litre.
The refinery had suspended loading and switched to dollar pricing last week.
The move was due to inadequate crude supply under the naira-for-crude initiative.
Discussions between Dangote and the Federal Government are ongoing.
Dangote Refinery’s return to naira-denominated petrol sales provides some relief to marketers who struggled to source foreign exchange during the brief dollar regime.
However, the N140 price hike to N1,215 per litre will likely translate to higher pump prices for consumers, compounding the economic pressures already facing Nigerians.
.. See the viral video / attached to this Content.
The ongoing discussions between Dangote and the Federal Government over the naira-for-crude arrangement will determine whether this resolution is temporary or signals a more sustainable pricing framework.… Read Original / Full Content.
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