The policy took effect immediately and applies to both gantry and coastal product sales. Marketers lifting products from the refinery have reportedly been notified of the change through an official memo.
Sources familiar with the refinery's operations said the decision follows growing foreign exchange exposure linked to its crude oil procurement. They explained that while the refinery increasingly purchases crude under dollar-denominated agreements, a significant portion of its refined products has continued to be sold in naira, creating exchange rate risks.
A senior industry source said the imbalance between dollar-based crude purchases and naira-denominated product sales made the shift to dollar payments necessary.
"The decision takes effect immediately. All PMS, AGO and ATK sales, both gantry and coastal, are now dollar-based," the source said.
Another official cited continued volatility in international crude oil prices and Nigeria's foreign exchange market as additional factors behind the move.
The official also said the refinery is receiving fewer crude cargoes under the naira-for-crude arrangement.
"While we require more than 15 cargoes of crude monthly for our operations, the NNPCL is struggling to supply three cargoes in naira under the naira-for-crude arrangement," the official said.
Industry analysts say the policy could affect domestic fuel prices, distribution costs and demand for foreign exchange, given Dangote Refinery's position as one of Nigeria's largest suppliers of refined petroleum products.
Oil and gas analyst Otunba Tunji Oyebanji said the development suggests the refinery is facing challenges securing sufficient crude under the existing arrangement.
According to Oyebanji, Nigeria's crude production remains constrained, while part of the country's output has already been committed under existing supply agreements. He said this limits the volume available for domestic refining, forcing the refinery to source more crude from international markets where payments are made in dollars.
He added that increased reliance on imported crude could raise demand for U.S. dollars and place additional pressure on the naira.
