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Nigerians could soon face another increase in the cost of petrol and other petroleum products after Dangote Petroleum Refinery officially ended the sale of fuel in naira, adopting the US dollar as the sole currency for transactions at its loading depot.The new pricing regime, which took effect on July 13, 2026, means marketers purchasing Premium Motor Spirit (PMS), diesel and aviation fuel directly from the refinery must now pay in dollars, ending the naira-based system introduced under the Federal Government’s crude-for-naira initiative in late 2024.Under the revised pricing template, petrol (PMS) is now priced at $0.779 per litre, diesel (AGO) at $1.087 per litre, Jet A1 aviation fuel at $0.942 per litre, while coastal petrol deliveries are priced at $1,044.62 per metric tonne.Liquefied Petroleum Gas (LPG), commonly known as cooking gas, remains exempt from the policy and will continue to be sold under the existing payment arrangement.Using the official foreign exchange rate of about ₦1,380 to ₦1,381 per US dollar, the new ex-depot petrol price translates to roughly ₦1,075 per litre before transportation costs, depot charges, marketers’ margins and regulatory fees are added. At parallel market exchange rates of around ₦1,420/$, the ex-depot price rises to approximately ₦1,106 per litre.With retail petrol prices in Lagos recently ranging between ₦960 and ₦1,050 per litre, industry observers expect filling stations across the country to begin adjusting pump prices upward in the coming days.The refinery’s decision follows persistent challenges with the Federal Government’s crude-for-naira programme, which was launched on October 1, 2024 to enable local refiners to purchase Nigerian crude oil in naira while selling refined products locally in the same…
Nigerians could soon face another increase in the cost of petrol and other petroleum products after Dangote Petroleum Refinery officially ended the sale of fuel in naira, adopting the US dollar as the sole currency for transactions at its loading depot.
The new pricing regime, which took effect on July 13, 2026, means marketers purchasing Premium Motor Spirit (PMS), diesel and aviation fuel directly from the refinery must now pay in dollars, ending the naira-based system introduced under the Federal Government’s crude-for-naira initiative in late 2024.
Under the revised pricing template, petrol (PMS) is now priced at $0.779 per litre, diesel (AGO) at $1.087 per litre, Jet A1 aviation fuel at $0.942 per litre, while coastal petrol deliveries are priced at $1,044.62 per metric tonne.
Liquefied Petroleum Gas (LPG), commonly known as cooking gas, remains exempt from the policy and will continue to be sold under the existing payment arrangement.
Using the official foreign exchange rate of about ₦1,380 to ₦1,381 per US dollar, the new ex-depot petrol price translates to roughly ₦1,075 per litre before transportation costs, depot charges, marketers’ margins and regulatory fees are added. At parallel market exchange rates of around ₦1,420/$, the ex-depot price rises to approximately ₦1,106 per litre.
With retail petrol prices in Lagos recently ranging between ₦960 and ₦1,050 per litre, industry observers expect filling stations across the country to begin adjusting pump prices upward in the coming days.
The refinery’s decision follows persistent challenges with the Federal Government’s crude-for-naira programme, which was launched on October 1, 2024 to enable local refiners to purchase Nigerian crude oil in naira while selling refined products locally in the same…
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