Between January and December 2021, N1.15 billion was spent by the country on petroleum subsidy
Private depot owners across Nigeria’s downstream petroleum sector raised loading prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) on Tuesday, with petrol jumping by N113 per litre and diesel increasing by N150 per litre, as marketers scrambled to reprice cargoes following Dangote Petroleum Refinery’s abrupt switch to dollar-denominated sales.
Data sourced by BusinessDay showed widespread upward adjustments across depots in Lagos, Port Harcourt and Warri, reversing weeks of relative price stability in the downstream market.
The increases came less than 24 hours after Dangote Refinery began invoicing gantry and coastal buyers of PMS, AGO and Aviation Turbine Kerosene (ATK) exclusively in U.S. dollars, ending the naira-based pricing regime it had maintained since October 2024 under the federal government’s naira-for-crude initiative.
Under the revised template, which the refinery says took effect Monday, ex-depot petrol is now benchmarked at $0.779 per litre, diesel at $1.087 per litre and aviation fuel at $0.942 per litre, with coastal PMS cargoes priced at $1,044.62 per metric tonne.
