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Dangote Petroleum Refinery reverted to selling petrol in naira because importers were allegedly withholding their stocks in anticipation of higher fuel prices, a company official told The PUNCH.
The official, who spoke on condition of anonymity, said the decision was taken “in the interest of the country” to prevent fuel scarcity and further price increases. The refinery had briefly switched to dollar-denominated sales, citing inadequate crude supply under the naira-for-crude initiative.
The official disclosed that Dangote is still in talks with the Federal Government and expressed hope for sincerity from the government. Depot prices have since reduced to between N1,215 and N1,220 per litre.
Key Points:
Dangote blamed importers for hoarding stocks, forcing the reversal to naira sales.
The reversal was taken to prevent fuel scarcity and further price hikes.
The refinery had switched to dollar sales due to inadequate naira-denominated crude supply.
Depot prices have reduced to N1,215–N1,220 per litre following the reversal.
Dangote is still in talks with the Federal Government on the naira-for-crude arrangement.
While the move has brought some price relief, the ongoing negotiations with the Federal Government over the naira-for-crude arrangement remain critical. Until a sustainable framework is established, the petroleum market will continue to experience volatility, with consumers bearing the brunt of policy shifts.
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