Dangote Petroleum Refinery-linked marketers have begun selling Premium Motor Spirit (PMS) at ₦1,125 per litre, ₦48 above the refinery's dollar equivalent gantry price of approximately ₦1,077 per litre, marking the first noticeable pricing gap since the refinery adopted dollar-denominated sales, Petroleumprice.ng has confirmed.
Checks by Petroleumprice.ng on Wednesday showed that while Dangote Refinery's official gantry price remains $0.779 per litre, the equivalent naira price is about ₦1,077 per litre at the prevailing exchange rate. However, marketers lifting products from the refinery have started selling at ₦1,125 per litre, reflecting the early impact of the new transaction framework on downstream pricing.
The development represents a departure from the refinery's previous pricing pattern, where marketers largely traded close to the prevailing ex-depot price. The latest adjustment indicates that marketers are beginning to incorporate the additional costs associated with the refinery's dollar-based sales into their pricing.
Industry sources told Petroleumprice.ng that the refinery has maintained its official gantry price at $0.779 per litre, which currently translates to about ₦1,077 per litre. Despite the unchanged refinery price, Dangote-linked marketers are now offering the product at ₦1,125 per litre, creating a ₦48 per litre premium over the refinery's equivalent naira price.
The adjustment comes as the downstream market continues to respond to the refinery's new payment structure, which took effect on Monday. Several private depots had already raised petrol and diesel loading prices following the announcement, while the pricing by Dangote-linked marketers suggests the effects of the policy are beginning to extend beyond independent depots.
The development also coincides with renewed volatility in the international oil market amid the latest escalation in the United States-Iran dispute. As of 11:00 a.m. WAT on Tuesday, Brent crude traded at $86.03 per barrel, up 3.28%, while U.S. West Texas Intermediate (WTI) stood at $79.73 per barrel, a 2.03% increase.
Market participants are expected to continue monitoring how pricing evolves across the downstream sector as operators adjust to the refinery's dollar-denominated sales model.