Petroleum marketers may need about $1.84 billion every month to buy petrol, diesel and aviation fuel from Dangote Petroleum Refinery, after the company switched to pricing refined products in dollars — a move analysts warn could deepen pressure on Nigeria’s foreign exchange market and expose consumers to more frequent price swings.The depot price of petrol (PMS) has already risen by more than N100 per litre following the shift.
Marketers would need an estimated $60.7 million daily to source products from the refinery, based on current consumption levels. PMS accounts for the largest share, at about $36.9 million daily — roughly $1.1 billion monthly — at the refinery’s new gantry price of $0.779 per litre. Diesel, priced at $1.087 per litre, would require about $20.4 million daily, or $633.5 million monthly, while aviation fuel at $0.942 per litre would need about $3.4 million daily, or $105.1 million monthly.
PMS prices rose by about N100 to N1,250 per litre in some depots, up from N1,137. Sahara, AIPEC and African Terminal reportedly raised petrol loading prices from N1,090 to N1,120 per litre, while diesel ex-depot prices climbed as high as N1,650 per litre, up N150.The increases come days after the Federal Government called for lower petrol prices, and as crude oil prices climbed to $85 a barrel.
Dangote wrote to marketers on July 13 announcing the switch of all gantry lifting payments from naira to dollars, voiding previously issued naira invoices. The new dollar rates include PMS at $0.779 per litre, diesel at $1.087 and aviation fuel at $0.942, with coastal PMS priced at $1,044.62 per metric tonne. LPG transactions are unaffected.
The move reverses the naira-based sales framework introduced under the naira-for-crude initiative launched in October 2024 to ease FX pressure and support local refining. It is also not the first reversal — Dangote briefly returned to dollar pricing in April last year before reinstating naira sales after government engagement.
Industry sources told The Guardian the latest shift reflects growing difficulty accessing crude locally, forcing the refinery to rely more on imports. Energy economist Dr Kaase Gbako said the development suggests the naira-for-crude arrangement is under strain, or that more feedstock is now being sourced externally.
