By Sunday Ameh
Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), commonly known as petrol, in naira, reversing its recent decision to sell the product in US dollars.
The refinery announced the development on Wednesday, fixing its ex-gantry price at N1,215 per litre, a N40 increase from the previous price of N1,175 per litre.
In a statement, the company said the return to naira transactions would provide relief to petroleum marketers and consumers following concerns over the temporary dollar-denominated sales.
“Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira, providing a measure of relief to marketers and consumers. The gantry price is fixed at N1,215 per litre,” the statement read.
The refinery had, on July 14, announced that marketers would begin purchasing petroleum products in dollars, a move that sparked concerns across the downstream sector.
The suspension of naira sales also led to a temporary halt in petrol loading by members of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
IPMAN’s Western Zone Chairman, Oyewole Akanni, had explained that marketers were forced to source fuel from private depots at significantly higher prices after the refinery suspended loading operations.
According to him, the development contributed to fuel shortages at some filling stations and increased pump prices, as private depot owners raised their prices following the suspension.
The resumption of naira sales is expected to ease supply challenges and improve product availability across the country, although the new ex-gantry price reflects a modest increase over the previous rate.
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