Dangote Refinery switches fuel sales to US dollars

Dangote Petroleum Refinery has ended sales of refined petroleum products in Nigeria's local currency, shifting all transactions for petrol, diesel, and aviation fuel to U.S. dollars effective July 13, 2026. The move marks a significant reversal of the naira-based payment system established under a federal government initiative and is expected to influence fuel prices and foreign exchange demand across the country.

In a notice to petroleum marketers, the refinery announced new ex-depot prices denominated in dollars, setting Premium Motor Spirit (petrol) at $0.779 per litre, Automotive Gas Oil (diesel) at $1.087 per litre, and Aviation Turbine Kerosene at $0.942 per litre. The price for coastal deliveries of petrol was fixed at $1,044.62 per metric tonne. The refinery stated that all previously issued naira-denominated invoices are now invalid and clarified that the change does not apply to Liquefied Petroleum Gas transactions.

Industry sources familiar with the refinery's operations said the decision was driven by a growing currency mismatch. They explained that the refinery now receives a larger share of its crude oil supplies from the Nigerian National Petroleum Company Limited...