Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), also known as petrol, in naira, ending its brief policy of selling the product in US dollars.
The refinery announced the development in a statement issued on Wednesday, saying the move would provide relief to petroleum marketers and consumers.
According to the statement, the refinery has fixed its gantry price for petrol at N1,215 per litre.
“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 revised price represents a N40 increase from the previous gantry price of N1,175 per litre.
The latest announcement comes weeks after the refinery disclosed on July 14 that it would begin selling petroleum products to marketers in US dollars.
On July 20, the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that marketers had temporarily stopped loading petrol from the Dangote Refinery following the suspension of PMS loading operations at the refinery’s gantry.
Speaking at the time, IPMAN Western Zone Chairman, Oyewole Akanni, said marketers were forced to source petrol from private depots at significantly higher prices.
He attributed fuel scarcity at some filling stations and the closure of others to fluctuating depot prices following the refinery’s suspension of PMS sales.
Akanni also noted that private depot owners increased their prices after Dangote Refinery halted petrol sales, further raising supply costs for marketers.
