Dangote Petroleum Refinery has transitioned to a Dollar-denominated pricing system for its local fuel sales, effectively ending the previous Naira-based transaction framework for domestic marketers, Reuters reports.
The policy shift invalidates all previously issued naira-denominated Proforma Invoices and Deal Recaps for both gantry and coastal transactions. According to an internal notice issued by the refinery’s Group Commercial Operations, the new template benchmarks the ex-depot price of petrol at $0.779 per litre for gantry loading, while coastal deliveries are set at $1 044.62 per metric ton. Diesel has been pegged at $1.087 per litre and aviation fuel at $0.942 per litre, though the refinery clarified that Liquefied Petroleum Gas transactions will remain unaffected by the change.
Industry sources cited by Reuters state that the transition was triggered by a widening currency mismatch and ongoing crude supply constraints. The refinery has reportedly been receiving fewer Naira-denominated crude oil cargoes from the state-owned Nigerian National Petroleum Company Limited compared to dollar-denominated allocations. Because the facility must source a substantial portion of its crude oil feedstock using foreign currency, the company migrated its product sales to United States Dollars to hedge against exchange-rate volatility and international supply imbalances, moving away from the “naira-for-crude” mechanism introduced in October 2024.
–Reuters/ChannelAfrica–
