Dangote Petroleum Refinery has resumed loading trucks with Premium Motor Spirit (PMS), also known as petrol, for oil marketers after requiring them to “top up” payments due to rising crude oil prices and foreign exchange issues.
The move follows the suspension of the Naira-for-crude program, which previously allowed the refinery to receive crude oil payments in local currency. While loading by ships on a dollar basis continued, truck-loading had been halted.
A reliable industry source confirmed that oil marketing companies that met the new payment requirements, including MRS Oil & Gas, have begun receiving supplies at N880 per liter.
Meanwhile, petrol prices have surged nationwide, with depot prices reaching N900 per liter and pump prices climbing as high as N960 per liter, according to the latest price list from MRS Oil & Gas. The adjustments, effective from March 28, show Lagos having the lowest pump price at N930 per liter, while northern states are paying the highest at N960 per liter.
The Naira-for-crude initiative was initially introduced to ensure domestic fuel supply, reduce import costs, and stabilize pump prices.
Since October 2024, Dangote Refinery has received 48 million barrels of crude in naira, with a total supply of 84 million barrels since its operations began in 2023.
Despite the pricing adjustments, Dangote Refinery maintains that it has the capacity to meet 100% of Nigeria’s refined product needs and generate $21 billion annually from crude oil processing.
