Dangote Refinery Resumes Petrol Supply Amid Rising Costs And Currency Issues

Dangote Petroleum Refinery has resumed loading Premium Motor Spirit (PMS), also known as petrol, onto trucks for oil marketers, after temporarily halting the process due to the suspension of the Naira-for-Crude programme and increasing challenges in crude oil prices and foreign exchange fluctuations.

With the suspension of the Naira-for-Crude programme, which had previously allowed the refinery to trade in Naira for crude oil, the 650,000 barrels per day refinery ceased loading trucks based on Naira payments.

While the refinery continued loading by ships using the dollar-based transactions, oil marketers who had agreements with Dangote Refinery were asked to “top up” their payments to facilitate the supply of petrol.

Industry sources who spoke with Punch confirmed that many companies, including MRS Oil & Gas, which complied with the new payment arrangements, were being loaded at a price of ₦880 per litre.

This development comes as petrol prices across the country have seen a significant rise, with new pump and depot prices reaching as high as ₦960 per litre.

According to the latest price list obtained from MRS Oil and Gas, which became effective from March 28, 2025, petrol prices have surged in major cities, with Lagos recording the lowest rates and northern states seeing the highest prices.

In Lagos, the new price is ₦930 per litre, while states in the South West, including Ogun, Oyo, Osun, Ekiti, Kwara, and Ondo, will pay ₦940 per litre.

In the South-South and South-East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, the price is set at ₦960 per litre.

Meanwhile, Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay ₦950 per litre, while the far northern states, including Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe, will pay the highest at ₦960 per litre.

Naijaonpoint understands that the Naira-for-Crude arrangement, which was initially designed to improve domestic fuel supply, reduce import costs, and stabilize pump prices, has faced challenges due to fluctuations in global crude prices and currency issues.

Under the scheme, Dangote Refinery has received 48 million barrels of crude oil in Naira since October 2024, with a total supply of 84 million barrels since it began operations in 2023.

The refinery has stated that it will meet 100% of Nigeria’s refined product requirements, with additional surplus for export.

In a report from the refinery’s website, Dangote Petroleum Refinery confirmed its ability to process Nigerian and other crude varieties. The multi-billion-dollar project is expected to create a market for $21 billion per year of Nigerian crude.