Dangote Petroleum Refinery has reinstated naira-denominated sales of Premium Motor Spirit, reversing a dollar-pricing regime that rattled Nigeria’s downstream fuel market for more than a week and sent pump prices surging above N1,270 a litre at some depots.
The Lekki-based refinery fixed its gantry price at N1,215 per litre, according to a notice sent to marketers and off-takers, marking a return to local-currency transactions after the company switched petrol, diesel, and aviation fuel sales to U.S. dollars on July 13.
The reversal offers marketers and, by extension, motorists a measure of relief after a chaotic stretch in which depot owners repeatedly raised ex-depot prices to cover dollar-linked costs, with some quoting as high as N1,275 a litre in Lagos.
The volatility triggered a few instances of panic buying, long queues, and localised supply shortages at retail outlets in Lagos and Abuja as marketers scrambled to source fuel from private depots
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