Depot prices of Premium Motor Spirit (PMS), popularly known as petrol, are expected to fall by over 4.19 percent — from N870 to N835 per litre — following the resumption of naira-denominated sales by Dangote Petroleum Refinery.
Confirming the development, the refinery announced: “Following the intervention of the Naira for Crude Transaction Committee Chairman, we are pleased to inform you of the resumption of PMS sales in Naira commencing immediately. You may kindly proceed to place your orders in Naira for both self-collection and free delivery of PMS to the earlier advised locations across the country.”
The company clarified that its earlier suspension of Naira sales, initially scheduled to take effect from Sunday, September 28, had been lifted, urging customers to disregard the notice. It assured that uninterrupted sales would continue to guarantee affordable supply.
Checks at depots over the weekend had shown that Matrix (Calabar), Sigmund, and others raised prices from N835 to N870 per litre in response to the suspension, with analysts projecting a potential increase to N900 per litre.
Reacting to the development, the National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, warned that suspending Naira-denominated transactions could adversely affect the market, noting concerns about the refinery’s crude supply sustainability.
Similarly, the Chief Executive Officer of the Major Energy Marketers Association of Nigeria (MEMAN), Mr. Clement Isong, explained that while Dangote Refinery operates in a free zone with dollar-based transactions, it also carries out some domestic sales in Naira.
He stressed the need for broader consultations and, where necessary, regulatory intervention to resolve disputes, adding: “I believe this matter will receive the required attention and will be resolved before it escalates further.”