Dangote Refinery Shifts Petrol Pricing to Dollars

Dangote Refinery has announced the suspension of petrol sales in Naira, opting to price the product in dollars due to increasing crude oil prices. Effective Monday, petrol will be sold at $0.779 per liter, approximately N1,075 based on the prevailing exchange rate.

The refinery also set the ex-depot price for automotive gas oil (diesel) at N1,087 per liter and aviation fuel at $0.942 per liter. This policy shift is significant as the refinery, which has a capacity of $20 billion, is set to sell petroleum products in Naira until October 1, 2024.

The decision has raised concerns among stakeholders in Nigeria's downstream petroleum sector, particularly as global crude oil prices rise amid geopolitical tensions in the Middle East. Chinedu Ukadik, the National Public Secretary of IPMAN, has called for urgent intervention from President Bola Ahmed Tinubu, warning that the policy could further weaken the Naira and lead to higher pump prices across the country.