Dangote Refinery Returns to Naira Sales Amid Stock Issues

The Dangote Petroleum Refinery has announced a return to selling petrol in naira, attributing this decision to importers allegedly holding back their stocks in anticipation of higher prices. An anonymous management official stated that this move was made to prevent fuel scarcity and further increases in petrol prices.

The refinery had previously implemented dollar-denominated pricing, which led to anxiety in the downstream petroleum sector and prompted emergency intervention by the Federal Government. The current price of petrol is set at N1,215 per litre, with a coastal price of N1,602,495 per metric tonne.

The refinery's earlier dollar sales were defended as necessary due to inadequate crude oil supplies under the Federal Government’s naira-for-crude initiative. The Dangote Group is still in discussions with the Federal Government, expressing hope for a sincere agreement.

The refinery's operations began in 2024, aiming to reduce Nigeria's reliance on imported petrol.