The Dangote Petroleum Refinery reverted to the sale of petrol in naira because importers were allegedly holding back their stocks.
The Dangote refinery recently resumed the sale of petrol in naira, ending its brief dollar denominated pricing regime. A notice issued by the refinery’s commercial department on Wednesday informed customers that the gantry price of petrol was N1,215 per litre, while the coastal price was N1,602,495 per metric tonne.
The development marked a reversal of the refinery’s decision to sell petrol in United States dollars, a move that triggered anxiety across the downstream petroleum sector and prompted emergency intervention by the Federal Government.
The refinery had defended the decision, explaining that it was compelled to adopt dollar sales because it was no longer receiving adequate crude oil under the Federal Government’s naira for crude initiative and had to source additional crude from the international market in dollars.