Marketers Reject Dangote's Dollar Fuel Pricing Decision

Independent petroleum marketers and energy experts in Nigeria have rejected the decision by Dangote Petroleum Refinery to price petroleum products in U.S. dollars. They argue that this move will exacerbate foreign exchange pressures and destabilize the downstream sector.

Stakeholders expressed concerns during interviews, emphasizing that pricing in dollars could lead to increased pump prices and volatility in the market. Gilli Harri, a representative from the Independent Petroleum Marketers Association of Nigeria, criticized the decision, stating it could push Nigeria towards a dollarized economy, undermining efforts to stabilize the petroleum market.

The marketers are urging President Bola Tinubu to intervene and ensure that fuel pricing continues to be conducted in naira, Nigeria's legal tender. The situation has led to an increase in petrol prices to N113 per liter and diesel prices to N150 per liter.

The marketers believe that maintaining naira-based transactions is crucial for the stability of the economy and the petroleum sector.