Fuel marketers are warning of another round of petrol price increases after Dangote Petroleum Refinery confirmed this week it has switched to dollar-denominated sales, ending naira pricing introduced under the government’s crude-for-naira scheme.
The Independent Petroleum Marketers Association of Nigeria and the Crude Oil Refiners Association of Nigeria both said the move reflects deeper problems in Nigeria’s domestic crude supply chain, rather than a simple commercial decision. IPMAN spokesperson Chukwudi Akadike said marketers will now need to source dollars to buy products, costs that will ultimately show up at the pump.
CORAN’s Eche Idoko said Dangote’s naira-denominated product sales have exceeded the naira crude it’s actually receiving from NNPC, forcing the currency shift, and urged the Petroleum Minister to urgently convene stakeholders to fix crude supply shortfalls.
The refinery made a similar temporary switch in March 2025, later reversing it once naira crude allocations improved. Both groups warned that without a fix to crude supply, sustained dollar pricing is likely to reverse recent stability in pump prices nationwide.
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