Dangote Petroleum Refinery has dismissed claims that its recently introduced dollar denominated sales policy is responsible for the latest increase in petrol prices at filling stations across Nigeria.
The company insisted that no fuel marketer has made any payment in dollars since the policy was announced.
The clarification comes after the price of Premium Motor Spirit (PMS) rose by nearly N50 per litre at several filling stations associated with Dangote, prompting widespread speculation that the refinery’s transition to dollar based transactions had immediately driven up retail fuel prices.
According to Punch, a senior official of the refinery explained that the petrol currently being sold at the higher rates was supplied before the new payment arrangement took effect.
The official stated that the increase is linked to existing stock purchased under the previous system and not to products acquired through the newly introduced dollar payment policy.
The refinery also reaffirmed that its official gantry price remains fixed at $0.779 per litre, which is equivalent to about N1,077 per litre based on the prevailing exchange rate.
The official further explained that the decision to adopt dollar denominated sales was intended to match the refinery’s crude oil procurement requirements and ensure the long term sustainability of its operations, rather than cause an immediate rise in fuel prices.
Petrol Prices at MRS, Pinnacle and Other Depots
Figures obtained from Petroleumprice.ng revealed significant differences in ex depot prices for PMS across major depots in Lagos, with several marketers quoting prices higher than the refinery’s naira equivalent gantry rate.
Here are the latest prices:
• Pinnacle: N1,130 per litre
• MRS: N1,095 per litre
• African Terminal: N1,127 per litre
• Sahara: N1,127 per litre
Several marketers linked to Dangote Refinery were also selling petrol at around N1,125 per litre, representing an increase of about N48 above the refinery’s official ex depot price.
