Key facts
- Dangote Refinery has reverted to pricing gasoline in Nigerian naira.
- The refinery had previously switched to U.S. dollar pricing for refined products.
- The new gantry price for gasoline is 1,215 naira per liter.
- The previous gantry price for gasoline was 1,075 naira per liter.
- The switch to dollars was reportedly due to currency risk and a mismatch in crude supply pricing.
Dangote Petroleum Refinery & Petrochemicals Fze has reverted to selling refined petroleum products in Nigerian naira, just one week after implementing a switch to U.S. dollar pricing. The company announced that the gantry price for gasoline has been set at 1,215 naira per liter, an increase from the previous 1,075 naira. This move follows a brief period where the refinery transitioned to dollar-based transactions, citing currency risks and a mismatch in crude oil supply pricing. Under the dollar system, petrol was priced at $0.779 per litre, diesel at $1.087 per litre, and aviation turbine kerosene at $0.942 per litre. The refinery had previously informed marketers that naira-denominated invoices were no longer valid. The refinery, with a capacity to process 700,000 barrels of crude daily, had entered into an agreement with the Nigerian government in 2024 to supply crude in naira and sell products in naira, but this arrangement did not fully materialize as expected. The shift to dollar pricing was seen as a signal of the business's view on the local currency and could potentially increase pressure on the naira by boosting demand for U.S. dollars.