Africa’s largest refinery has shifted from naira-based to U.S. dollar pricing for refined products, setting petrol at $0.779 per litre as it moves to mitigate exchange-rate risks.
The Dangote Refinery has implemented a new pricing system for refined petroleum products, setting the ex-depot price of Premium Motor Spirit at $0.779 per litre as it transitions from naira-based transactions to U.S. dollars .
The transition terminates the refinery’s usage of naira for refined product sales, which was implemented as part of the Federal Government’s naira-for-crude plan in October 2024 .
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Under the new pricing schedule, Automotive Gas Oil (diesel) will cost $1.087 per litre, while Aviation Turbine Kerosene will cost $0.942 per litre . Petrol delivered via coastal deliveries will cost $1,044.62 per metric tonne .
The refinery notified marketers and customers that all previously issued naira-denominated Proforma Invoices and Deal Recaps for gantry and coastal transactions were no longer legitimate . Following our email on the 9th of July, 2026, regarding the transition from Naira to United States Dollars, please note that all issued Naira Coastal and Gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them,” the notice read .
According to industry sources, the refinery chose the dollar pricing model to address a widening disparity between the currencies used to acquire crude oil and those used to sell refined goods . They highlighted that, while a higher portion of crude supplied by the Nigerian National Petroleum Company Limited is now billed in dollars, many domestic gasoline sales were still in naira, exposing the refinery to exchange-rate risks .
The change is likely to have an impact on Nigeria’s downstream petroleum sector, as marketers that receive fuel directly from Dangote would now buy items using dollar benchmarks . However, retail fuel prices will continue to be determined by a variety of factors, including exchange rates, transportation costs, taxes, and marketer margins .
According to a report by Accra Street Journal, the adjustment raises new concerns about the longevity of Nigeria’s naira-for-crude strategy, which was designed to boost local refining, relieve pressure on foreign exchange demand, and assist in stabilizing domestic oil prices . In March last year, the refinery discussed the idea of restricting fuel delivery to the Nigerian market owing to unresolved concerns with the naira-for-crude exchange arrangement .
Source: Accra Street Journal
Last Updated on July 15, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
