Dangote refinery now sets its prices in dollars

The Dangote refinery, Africa's largest refining facility in Nigeria, has replaced the naira with the US dollar for pricing its petroleum products. New prices are set at $0.779 per liter of gasoline, $1.087 for diesel, and $0.942 for aviation kerosene. The move aims to limit foreign exchange risk, as crude oil is bought in dollars. The government's naira-for-crude swap mechanism, launched in October 2024, has not supplied enough crude, prompting the shift to dollar invoicing.