Di price of petrol don increase by about N100 for Nigeria, from N1,137 to N1,250 per litre for some depots, wey be N113 increase.

Sahara, AIPEC and African Terminal don also increase dia petrol loading prices from N1,090 to N1,120 per litre.

Diesel price still climb, with ex-depot price reach as high as N1,650 per litre, wey be increase of up to N150 per litre for some depots.

Dis one dey happen just few days afta Federal Government talk say make petrol price reduce. But instead to reduce, pump price don see about N100 increase. Crude oil price still climb to $85 per barrel, wey be about $10 increase within di first two days of di week.

Dangote change dia payment currency

Dangote Petroleum Refinery don write marketers to tell dem say all gantry lifting payment go change from naira to dollar from July 13.

Any naira-invoice deals wey dem don issue before no go work again, and payment for dem don stop.

Di notice announce new USD rates for Gantry (LTR), including:

· PMS: $0.779
· AGO: $1.087
· ATK: $0.942

Coastal PMS pricing be $1,044.62 per metric tonne.

Di refinery say dis currency change no affect LPG transactions, wey go continue wit dia old payment arrangement. Dem tell customers to follow di new rules for future business.

Wetin dis one mean

Dis development mean say di refinery don transfer heavy foreign exchange (FX) problem to downstream operators. Dis operators dey make dia money for naira but now dem go need to find dollars to buy products from di refinery, wey be di market leader.

Dis change be big turnaround from di naira-based sales system wey dem introduce afta Federal Government launch di naira-for-crude initiative for October 2024. Dat one na to reduce pressure on FX market, support local refining and strengthen energy security.

No be di first time di refinery dey do dis kind thing. For April last year, Dangote Refinery do same thing — dem revert to dollar pricing afta dem complain say crude supply no dey enough under di naira-for-crude arrangement. But dem reverse di decision afta dem talk wit Federal Government.