Dangote Petroleum Refinery has resumed loading Premium Motor Spirit (PMS), commonly known as petrol, onto trucks for oil marketers. The refinery had previously halted truck loading due to the suspension of the naira-for-crude program, rising crude oil prices, and foreign exchange challenges. However, loading via ships on a dollar basis continued during this period. To resume truck loading, the refinery required oil marketers with existing agreements to make additional payments to receive fuel supplies.
Reports indicate that companies like MRS Oil & Gas, which complied with the payment adjustments, were loaded at a rate of N880 per litre as of yesterday. Meanwhile, petrol prices have surged nationwide, with new pump and depot prices reaching up to N960 and N900 per litre, respectively. The latest price list, effective March 28, 2025, shows variations across different regions, with Lagos having the lowest rate at N930 per litre, while northern states like Kano, Bauchi, Taraba, and Yobe are seeing prices as high as N960 per litre.
The naira-for-crude initiative was initially introduced to improve domestic fuel supply, reduce import costs, and stabilise pump prices. Since its inception in October 2024, Dangote Refinery has received 48 million barrels of crude oil under this arrangement, with a total supply of 84 million barrels since operations began in 2023.
According to a statement on its website, Dangote Petroleum Refinery aims to meet 100% of Nigeria’s refined product demand while also exporting surplus products. The refinery, valued at several billion dollars, is expected to create a market for $21 billion worth of Nigerian crude annually and has been designed to process both Nigerian and foreign crude oils.
