Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), also known as petrol, in naira after briefly adopting a U.S. dollar pricing system. The refinery announced a new ex-depot (gantry) price of N1,215 per litre, a move expected to provide relief to fuel marketers and consumers.
The decision comes amid rising global crude oil prices, with Brent crude trading at around $95 per barrel. About 10 days earlier, the refinery had switched to pricing its petroleum products in U.S. dollars, setting petrol at $0.779 per litre, diesel at $1.087 per litre, and aviation fuel at $0.942 per litre, sparking concerns among industry stakeholders.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) welcomed the return to naira sales, describing it as a positive response to concerns raised by marketers. IPMAN President Abubakar Maigandi said the association expects retail fuel prices to decline once marketers begin lifting products from the refinery at the new ex-depot price.
However, economic experts have cautioned that the policy reversal may not automatically lead to lower pump prices. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, noted that while pricing in naira could ease pressure on Nigeria's foreign exchange market, domestic fuel prices will still be heavily influenced by movements in the international crude oil market.
Industry observers are now watching to see how quickly the new pricing structure will impact fuel prices across filling stations nationwide.
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