<\/p>\n
Dangote Refinery is halting the sale of petroleum products in naira within the Nigerian market, Punch Newspaper reported, citing failings in a landmark 2024 plan for the state-owned energy company to supply crude in local currency.<\/p>\n
The refinery issued a new pricing template on Monday that quoted prices in dollars, the newspaper said, citing unnamed company sources. The sources explained Dangote Petroleum Refinery & Petrochemicals FZE receives fewer naira-denominated cargoes than ones priced in dollars, exposing it to currency risks.<\/p>\n
Under the new pricing template, gantry prices of gasoline will now be $0.779 per liter, diesel $1.087 per liter, aviation fuel $0.942 per liter, and coastal supplies of gasoline at $1,044.62 per metric ton, according to the newspaper.<\/p>\n
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A spokesman of the Dangote Group confirmed that the newspaper\u2019s reporting was accurate. A government spokesman did not immediately respond to a request for comment.<\/p>\n
Moving to dollar prices backtracks on the deal between Dangote and the government for the state-owned Nigerian National Petroleum Co. to sell crude in naira, in return for the Lagos-based refinery supplying naira-priced refined products in the domestic market.<\/p>\n
The agreement was designed to curb domestic demand for dollars and ease pressure on the local currency. It suffered sharp volatility after its long-standing peg to the greenback was eased in 2023 but has been more stable since the refinery come on stream in 2024.<\/p>\n
Reverting to sales in dollars could renew pressure on the Nigerian unit.<\/p>\n
The 700,000 barrels-per-day refinery, owned by Africa\u2019s richest person Aliko Dangote, operated at 101.3% of its installed capacity in May, according to the latest report from the Nigerian regulator.<\/p>\n
Local refineries, of which Dangote\u2019s capacity makes up the vast majority, received an average 578,000 barrels of crude per day in May, according to the downstream regulator.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Dangote #ends #naira #pricing #refined #oil #products #Nigeria<\/p>\n","protected":false},"excerpt":{"rendered":"
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