Dangote Petroleum Refinery has not received any dollar-denominated payments for petroleum product sales since introducing its new pricing framework, despite Dangote Refinery-linked marketers already raising ex-depot petrol prices; a senior refinery source has told Petroleumprice.ng.
The source, who spoke exclusively on Wednesday, said the refinery was surprised by the immediate increase in prices by Dangote Refinery-linked marketers, explaining that products currently being sold at higher prices were stocked before the refinery's dollar-based sales policy took effect.
According to the source, the refinery's official gantry price remains $0.779 per litre, equivalent to about ₦1,077 per litre at the prevailing exchange rate, adding that no marketer has yet completed a dollar-denominated transaction under the new arrangement.
"No dollar payment has been made. None at all. The products currently being sold were stocked before the policy took effect. We are surprised that prices have moved up so quickly," the source said.
The source added that marketers currently selling between ₦1,095 and ₦1,130 per litre are disposing of existing inventory rather than products purchased under the refinery's new payment structure.
"Those selling ₦48 or thereabout above the refinery's equivalent price are selling old stock. The new dollar payment has not even happened yet," the source said.
According to the official, the refinery remains committed to maintaining what it described as responsible gantry pricing, despite heightened volatility in both the foreign exchange market and international crude oil prices.
The source noted that although global crude prices have strengthened in recent days following renewed tensions involving the United States and Iran, the refinery had not adjusted its official dollar-denominated gantry price, making the rapid increase by marketers unexpected.
Checks by Petroleumprice.ng indicate that petrol prices have already begun to edge higher across parts of the downstream market. In Lagos, Pinnacle sold PMS at ₦1,130 per litre, while MRS offered the product at ₦1,095 per litre. African Terminal and Sahara both quoted ₦1,127 per litre, reflecting varying pricing responses among marketers and depot operators.
The source maintained that the refinery's pricing policy was introduced to align its sales structure with its procurement obligations and not to trigger immediate increases in downstream prices.
"The objective is to ensure a sustainable pricing structure. We remain committed to responsible pricing, and what is happening in the market now should not be interpreted as the direct effect of the refinery's new policy because the new dollar transactions have not yet commenced," the source said.
The development suggests that the initial wave of price increases across parts of the downstream market is being driven by marketers' pricing decisions ahead of the first dollar-based product purchases from the refinery, rather than by any increase in Dangote Refinery's official gantry price itself.