Petrol Loading Prices Jump N113/Litre After Dangote’s Switch to Dollar Pricing

Private depot owners across Nigeria’s downstream sector raised loading prices for petrol and diesel sharply after Dangote Refinery ended naira-denominated pricing — with petrol jumping by about N113 per litre.

The increase is the first concrete market reaction to the refinery’s new dollar-based framework, which pegged its gantry price at $0.779 per litre.

With the ex-depot benchmark now floating with the exchange rate, marketers are repricing inventory to cover FX risk — and passing the adjustment down the chain.

The episode illustrates how tightly Nigeria’s pump prices are now coupled to the currency market: every move in the naira translates directly into fuel costs.

Consumers should expect pump-price volatility to track the FX market more closely than at any time since deregulation.

Source: BusinessDay