Nigeria’s downstream fuel market remains in turmoil as petroleum marketers and Dangote Refinery offer conflicting accounts over whether fuel loading has been suspended, amid an unresolved dispute over the refinery’s shift to dollar-denominated pricing.
IPMAN’s Western Zone Chairman, Oyewole Akanni, said loading of petrol at the refinery halted roughly four days ago without explanation, forcing marketers toward private depots priced between ₦1,200 and ₦1,250 per litre, and closing some Ibadan filling stations. A Dangote Group spokesperson denied this, calling it “fake news” and insisting loading remains ongoing.
A senior government official told Punch the standoff stems from Dangote’s frustration over continued import licences issued to other marketers, and insufficient naira-denominated crude supply from NNPCL, forcing more dollar-based purchases. The refinery reportedly operates within a free trade zone, giving it flexibility over pricing currency.
The FCCPC reaffirmed that the naira remains Nigeria’s only lawful currency for domestic transactions, and said it’s monitoring whether falling global crude prices are being reflected in pump prices, warning it won’t hesitate to act against anti-competitive conduct.
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