By Kolawole Omotola Olaide
Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in Naira, reversing its earlier decision to conduct transactions in United States dollars.
The latest development comes with a fresh adjustment in the refinery’s ex-depot price, which has now been increased to ₦1,215 per litre. The new rate represents a ₦140 increase from the previous price of ₦1,075 per litre.
The decision to return to Naira-denominated sales is expected to bring some relief to petroleum marketers who had expressed concerns over the dollar payment policy introduced earlier by the refinery.
Industry stakeholders will be closely monitoring the impact of the new pricing on fuel distribution and retail pump prices across the country, as marketers are expected to review their selling prices in line with the latest adjustment.
Further details on the implementation of the new pricing structure and the reasons behind the refinery’s decision are expected to emerge in the coming days.
