Depot prices of Premium Motor Spirit (PMS), popularly known as petrol, are expected to fall by more than 4 per cent — from N870 to about N835 per litre — as Dangote Petroleum Refinery announced the resumption of sales in naira.

In a statement confirming the decision, the refinery said:

“Following the intervention of the Naira-for-Crude Transaction Committee Chairman, we are pleased to inform you of the resumption of PMS sales in naira, commencing immediately. You may kindly proceed to place your orders in naira for both self-collection and free delivery of PMS to the earlier advised locations across the country.”

The company explained that its earlier notice suspending naira-denominated petrol sales, announced on Friday and scheduled to take effect from Sunday, September 28, has now been withdrawn. It urged customers to disregard the suspension and assured that sales would continue without disruption to stabilise supply and ensure affordable pricing.

Market checks over the weekend showed that some depots, including Matrix (Calabar) and Sigmund, had already raised pump prices from N835 to N870 per litre following the suspension notice. Analysts had projected a further rise to about N900 per litre if the suspension had gone ahead.

Commenting on the development, the National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, warned that the suspension of naira sales could have destabilised the domestic market.

He said: “The suspension of petrol in naira would have adverse effects on markets. I hear that Dangote Refinery said it has not been able to get crude oil supplies on a sustainable basis. This is sad.”

Similarly, the Chief Executive Officer of the Major Energy Marketers Association of Nigeria (MEMAN), Clement Isong, explained that the refinery’s free zone location enables it to import crude, refine products, and transact exports in dollars, though gantry sales have often been done in naira.

“In cases of disputes, all parties should be free to escalate issues for resolution through wider consultation. If such consultations fail, the sector regulator should intervene by applying relevant laws,” Isong said, adding that he believes the matter will be resolved before escalating further.