Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira, fixing its ex-depot (gantry) price at N1,215 per litre after briefly switching to dollar-denominated sales.
The refinery had moved to pricing petrol in U.S. dollars about 10 days ago, citing market conditions. The latest reversal comes as global crude oil prices continue to rise, with Brent crude trading at about $95 per barrel.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) welcomed the decision, describing it as a positive development for both fuel marketers and consumers.
IPMAN President Abubakar Maigandi said marketers would reduce pump prices once they begin loading petrol from the refinery at the new naira price.
However, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, said the policy change would mainly ease pressure on Nigeria’s foreign exchange market rather than lead to an immediate reduction in fuel prices.
According to Yusuf, rising international crude oil prices driven by geopolitical tensions in the Middle East will continue to influence local petrol prices despite the return to naira sales.
