Dangote ends naira pricing for refined oil products in Nigeria

Dangote Refinery is halting the sale of petroleum products in naira within the Nigerian market, Punch Newspaper reported, citing failings in a landmark 2024 plan for the state-owned energy company to supply crude in local currency.

The refinery issued a new pricing template on Monday that quoted prices in dollars, the newspaper said, citing unnamed company sources. The sources explained Dangote Petroleum Refinery & Petrochemicals FZE receives fewer naira-denominated cargoes than ones priced in dollars, exposing it to currency risks.

Under the new pricing template, gantry prices of gasoline will now be $0.779 per liter, diesel $1.087 per liter, aviation fuel $0.942 per liter, and coastal supplies of gasoline at $1,044.62 per metric ton, according to the newspaper.

A spokesman of the Dangote Group confirmed that the newspaper’s reporting was accurate. A government spokesman did not immediately respond to a request for comment.

Moving to dollar prices backtracks on the deal between Dangote and the government for the state-owned Nigerian National Petroleum Co. to sell crude in naira, in return for the Lagos-based refinery supplying naira-priced refined products in the domestic market.

The agreement was designed to curb domestic demand for dollars and ease pressure on the local currency. It suffered sharp volatility after its long-standing peg to the greenback was eased in 2023 but has been more stable since the refinery come on stream in 2024.

Reverting to sales in dollars could renew pressure on the Nigerian unit.

The 700,000 barrels-per-day refinery, owned by Africa’s richest person Aliko Dangote, operated at 101.3% of its installed capacity in May, according to the latest report from the Nigerian regulator.

Local refineries, of which Dangote’s capacity makes up the vast majority, received an average 578,000 barrels of crude per day in May, according to the downstream regulator.

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