BREAKING: Dangote Raises Petrol Price by ₦140, Resumes Naira Sales at ₦1,215 Per Litre

• Dangote Petroleum Refinery has resumed selling petrol in naira after briefly demanding dollar payments but has increased its ex-depot price by ₦140 per litre, a move that could push pump prices above ₦1,300 across Nigeria.

Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira after temporarily switching to dollar transactions, but marketers will now pay a significantly higher price.

The refinery has increased its ex-depot price by ₦140 per litre, raising the cost from ₦1,075 to ₦1,215 per litre, representing an increase of about 13 per cent.

A notice issued by the refinery’s commercial department confirmed that the new pricing took effect immediately from July 22, 2026.

The notice read:

“Please be advised that all unloaded gantry volumes will be subject to repricing at the new price, which is effective 22nd July 2026.

“Kindly proceed with placing your order.

“Should you require any further clarification, please do not hesitate to contact us.”

The refinery also reviewed its coastal loading price, increasing it from ₦1,441,575 per metric tonne to ₦1,602,495 per metric tonne.

Why Dangote Switched to Dollar Payments

Last week, Dangote Refinery suspended petrol sales in naira and directed marketers to make payments in United States dollars, triggering widespread concern in Nigeria’s downstream petroleum sector.

The refinery explained that it had been forced to source additional crude oil from the international market using foreign currency after supplies under the Federal Government’s naira-for-crude arrangement became insufficient.

The decision made it difficult for many independent marketers to purchase products, as securing foreign exchange for daily transactions proved challenging.

As a result, many marketers turned to private depots, where ex-depot prices reportedly climbed to around ₦1,275 per litre, tightening fuel supply in several parts of the country.

Industry experts also warned that maintaining dollar-denominated petrol sales would place additional pressure on Nigeria’s foreign exchange market.

With Nigeria consuming an estimated 50 million litres of petrol daily, marketers would have required roughly $40 million every day, or more than $14 billion annually, to sustain fuel purchases under the dollar payment model.

A senior regulatory official had earlier defended Dangote’s decision, saying the move was consistent with the Petroleum Industry Act (PIA) and reflected the refinery’s need to recover rising operational costs.

Government Intervention

Following concerns raised by petroleum marketers and fears over the impact on the naira, the Federal Government initiated discussions with Dangote Refinery.

The talks resulted in the refinery abandoning the dollar payment policy and returning to naira transactions, although negotiations over the future of the naira-for-crude arrangement are still ongoing.

What the New Price Means

While the return to naira payments is expected to restore normal fuel loading and improve supply across the country, the ₦140 increase in ex-depot price is likely to be passed on to consumers.

Industry observers say motorists should expect higher pump prices in the coming days, with petrol already selling for as much as ₦1,300 per litre in parts of Lagos and other states.

Unless international crude oil prices decline or competition among marketers drives prices down, Nigerians may have to prepare for another round of fuel price increases at filling stations nationwide.