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Independent petroleum marketers and energy experts have rejected the Dangote Petroleum Refinery’s decision to price its fuel products in US dollars, warning that the move will worsen foreign exchange pressures and destabilise Nigeria’s downstream energy sector.
Following the refinery’s announcement, private depot operators across major hubs immediately adjusted their loading prices, pushing petrol prices up by as much as N113 per litre and diesel by up to N150 per litre.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that dollar-denominated fuel sales will gradually dollarise the nation’s economy and force marketers to pass the financial burden onto struggling consumers.
PETROAN President Billy Gillis-Harry urged the Nigerian government to quickly intervene, while encouraging state-owned NNPC to revive its own refineries to bring healthy competition back to the domestic market.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) appealed directly to President Bola Tinubu to sustain the local “naira-for-crude” agreement to cushion the market against extreme pump price volatility.
Energy experts remain divided over the controversial policy.
While some argue that Dangote is merely managing legitimate foreign exchange risks because its crude procurement costs are tied to the dollar, others insist that domestic transactions must remain anchored in the naira as Nigeria’s sole legal tender.
Regulators, including the central bank and the downstream petroleum authority, face growing pressure to investigate the financial and economic basis of Dangote’s dollar pricing model.
