Dangote Petroleum Refinery has scrapped naira-based pricing for petrol, setting a new ex-depot rate of $0.779 per liter under a dollar-denominated framework. The change, which also applies to diesel and jet fuel but not liquefied petroleum gas, means previously issued naira invoices are now void, and the refinery’s naira-equivalent prices will fluctuate with currency markets instead of staying fixed. The refinery had cut its naira petrol price four times in the past month before making this shift. Dangote’s CEO has previously said the company pays international benchmark crude prices despite Nigeria’s naira-for-crude initiative, with rising freight and insurance costs continuing to pressure operating expenses.
Nairametrics