Dangote Petroleum Refinery has resumed the sale of premium motor spirit (PMS), also known as petrol, in naira after briefly switching transactions to the United States dollar.
The refinery announced the development in a statement issued on Wednesday, confirming that marketers can once again purchase the product in the local currency.
“Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira, providing a measure of relief to marketers and consumers.”
The company also disclosed that its new gantry price has been set at N1,215 per litre.
“The Gantry price is fixed at N1,215/ litre.”
The revised rate represents an increase of N40 per litre from the previous gantry price of N1,175.
Earlier this month, on July 14, the refinery announced that petroleum products would temporarily be sold to marketers in dollars, a move that generated concerns across the downstream sector.
The suspension of naira sales also affected petrol supply, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirming that marketers had temporarily stopped lifting fuel from the refinery.
Speaking on July 20, IPMAN’s Western Zonal Chairman, Oyewole Akanni, attributed the disruption to Dangote Refinery’s suspension of petrol loading at its gantry.
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According to him, marketers were forced to source products from private depots at significantly higher prices.
“The non-availability of fuel at some filling stations and the closure of others are due to fluctuations in the price of lifting fuel from depots.”
Akanni also noted that after Dangote Refinery halted PMS sales, private depot owners increased their prices, worsening supply challenges for independent marketers.
The resumption of naira sales is expected to ease pressure on fuel marketers, although the latest upward adjustment in the gantry price means they will now pay more for petrol than before.