Business

Fuel Price: Dangote Refinery Suspends Petrol Sale In Naira

Published

2 months ago

July 14, 2026

Editor

Dangote Refinery has suspended the gantry sale of premium motor spirit in Naira and pegged it at $0.779, which is approximately N1,075 per litre for PMS.

In a notice to customers by the firm’s Group Commercial Operations, the refinery said the dollar price takes effect from Monday.

Accordingly, the refinery benchmarked the ex-depot price of automotive gas oil, diesel, at $1.087 per litre and aviation fuel at $0.942 per litre, while coastal deliveries of PMS have been priced at $1,044.62 per metric tonne.

This means the refinery has suspended the purchase of its product in naira, which started on October 1, 2024, following the commencement of the naira-for-crude sale deal with the Nigerian government.

“Following our email on the 9th of July, 2026, regarding the transition from Naira to United States dollars, please note that all issued Naira Coastal and Gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.

“The applicable USD prices for each product, effective today, July 13, 2026, are provided,” it said.

Dangote Refinery and the Nigerian government have not officially commented on the new pricing when DAILY POST contacted them at the time of reporting.

The Dangote Refinery’s price template has far-reaching implications for the country’s downstream oil sector.

Reacting, the Independent Petroleum Marketers Association of Nigeria called for the president’s quick intervention to tackle the impending challenge the development portends.

The spokesperson of IPMAN, Chinedu Ukadike, said that Dangote Refinery product pricing in dollars would put immense pressure on the naira and, by extension, retail prices of petrol if the federal government does not intervene.

“First, I have not seen an official comment on the matter from Dangote Refinery or the Nigerian government.

“Because this policy is going to put very strong pressure on the dollar. And you will see the dollar also climbing up. As crude oil is climbing up.

“These are the two most influential commodities. These are issues. These are the two most influential issues or concepts. That normally triggers the price of domestic petroleum products in the pumps. The federal government should intervene immediately if this happens to be true,” he told DAILY POST in an interview on Tuesday.

As of Monday morning, depot owners pegged their ex-depot petrol prices to between N1,085 and N1,090 per litre from around N1,075.

Fuel retail prices had remained flat at N1155 and N1205 per litre in Abuja and its environs at the time of reporting.

Crude oil prices soared to $80 and $85 per barrel for West Texas Intermediate and Brent, respectively, amid heightened tension in the Middle East.

Business

Naira Appreciates Against Dollar At Official FX Market

Published

4 days ago

September 20, 2026

Editor

…Black market (Buying and selling rates): N1,385— N1,390

The Nigerian naira appreciated against the United States (US) dollar, trading at N1,331.2027 at the Central Bank of Nigeria (CBN) official foreign exchange (FX) window on Friday, September 18, 2026.

The data shared on the CBN’s official platform shows that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,331.2027 per dollar and closed at N1,329.9900 per dollar.

The currency, which traded at an NFEM rate of N1,331.2812 on September 17, 2026, appreciated by at least N0.08 after trading activities on Friday.

At the parallel market, both the buying and selling rate decreased by N5, when compared to the previous trading rate on Thursday, September 17, 2026.

According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Friday, September 18, 2026, was N1,385 and N1,390 per dollar for buying and selling rates, respectively.

Business

Again, Naira Depreciates Against Dollar At Official FX Market

Published

7 days ago

September 17, 2026

Editor

…Black market (Buying and selling rates): N1,380— N1,385

The Nigerian naira depreciated against the United States (US) dollar, trading at N1,329.8568 at the Central Bank of Nigeria (CBN) official foreign exchange (FX) window on Wednesday, September 16, 2026.

The data shared on the CBN’s official platform shows that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,329.8568 per dollar and closed at N1,329.5600 per dollar.

The currency, which traded at an NFEM rate of N1,329.1485 on September 15, 2026, depreciated by at least N0.71 after trading activities on Wednesday.

At the parallel market, both the buying and selling rate remained the same, when compared to the previous trading rate on Tuesday, September 15, 2026.

According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Wednesday, September 16, 2026, was N1,380 and N1,385 per dollar for buying and selling rates, respectively.

Business

How To Buy Dangote Refinery Shares As IPO Opens September 14

Published

2 weeks ago

September 10, 2026

Editor

Investors seeking to own a stake in the Dangote Petroleum Refinery and Petrochemicals FZE will be able to subscribe to its initial public offering (IPO) from September 14, 2026.

The ₦2.15 trillion offer by Dangote, valued at about $1.6 billion, involves 4.1 billion ordinary shares priced at an indicative ₦525 per share.

The offer, which is expected to become Nigeria’s largest-ever public share sale, will remain open until October 13, 2026.

The development gives Nigerians and other eligible investors an opportunity to acquire shares in the refinery as the Dangote Group moves to broaden ownership of the business.

At the signing of the IPO documents in Lagos on September 7, President of Dangote Group, Aliko Dangote, said the offer was designed to enable ordinary Nigerians to become shareholders in the refinery.

“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said.

How to subscribe

According to the Managing Director, Investment Banking, Chapel Hill Denham, Mr Lanre Buluro, prospective investors can subscribe digitally using a bank account, Bank Verification Number (BVN) and a mobile phone or laptop.

He said an investor can complete the process within two to three minutes, with the minimum subscription set at 10 shares.

At ₦525 per share, the minimum subscription of 10 shares will cost ₦5,250.

Buluro said investors could access the offer through platforms including Moniepoint, MTN MoMo, Airtel, Payaza, Piggyvest, Paga, Bamboo and Chapel Hill Denham’s Invest Naija platform.

Do I need a CSCS account?

Buluro said prospective investors do not necessarily need an existing Central Securities Clearing System (CSCS) identity number before subscribing.

According to him, a CSCS account can be created for a new investor during the subscription process after the investor’s BVN and bank account details have been verified.

He explained that stockbrokers are behind the participating platforms and would contact subscribers after the transaction to provide their CSCS and Clearing House Number (CHN).

The allotted shares will subsequently be domiciled in the investor’s CSCS account.

What happens after subscription?

Investors can subscribe throughout the offer period, which runs from September 14 to October 13.

At the close of the offer, the advisers and the Securities and Exchange Commission (SEC) will assess the total subscriptions and determine the final allotment.

This means investors may not necessarily receive all the shares they apply for if the offer is oversubscribed.

Buluro disclosed that the offer has a provision to accommodate additional subscriptions in the event of oversubscription.

He said up to about 30 per cent additional shares could be issued under the oversubscription provision, potentially increasing the number of shares available from 4.1 billion to about 5.3 billion.

Before you invest
Buluro advised prospective investors, particularly first-time investors, to read the IPO prospectus carefully and seek guidance from a qualified financial adviser before committing their funds.

Investors should also understand that subscribing to an IPO does not guarantee a profit. The value of shares can rise or fall after allotment, depending on the company’s performance and market conditions.

The Dangote Refinery IPO is expected to significantly deepen public participation in the Nigerian capital market by allowing more individuals to take direct equity positions in one of the country’s largest industrial projects.
(TRIBUNE)