Nigerians could face higher diesel and petrol prices as the Dangote Petroleum Refinery temporarily halts sales in Naira.
The $20bn refinery in Lagos said its Naira-denominated sales had exceeded the value of crude supplied in local currency by the Nigerian National Petroleum Company Limited (NNPCL). It assured that sales in Naira would resume once it received crude cargoes from NNPCL in the same currency.
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The move comes despite a government directive aimed at easing demand for the US dollar. In July 2024, the Federal Executive Council instructed NNPCL to sell crude to local refineries in Naira to stabilise fuel prices.
The suspension raises concerns over potential price increases, as Nigeria remains heavily reliant on imported refined petroleum products. Dangote Refinery, Africa’s largest, is expected to play a key role in reducing this dependency once fully operational.
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