The decision by Dangote Petroleum Refinery to sell petrol in US dollars instead of naira has raised fresh concerns of imminent fuel price increases, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN).
In a memo to customers, the refinery said it could no longer sustain petrol sales in naira due to volumes exceeding its crude allocations.
“Dangote Petroleum Refinery & Petrochemicals has been selling petroleum products in excess of our Naira-Crude allocations and, consequently, we are unable to sustain PMS sales in Naira going forward,” the company stated.
Reacting, IPMAN President Abubakar Shettima confirmed receipt of the communication and warned that prices would “definitely rise” under the new dollar pricing. He added that the association’s National Executive Council (NEC) would meet on Monday to decide its response.
Despite the pricing change, Shettima assured that supply would not be disrupted, noting that local production from the refinery would maintain availability across the country.
Analysts, however, caution that the policy could worsen naira depreciation and inflation, as more marketers are forced to source foreign exchange.
Meanwhile, the refinery dismissed allegations by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) of a mass sack linked to unionisation.
In a statement, management said the reorganisation was aimed at strengthening operations and addressing sabotage risks within the facility, insisting that “over 3,000 Nigerians continue to work actively in our Petroleum Refinery at present.”
It added that only a minimal number of staff were affected, with fresh recruitment still ongoing.
The 650,000 barrels-per-day Dangote Refinery, Africa’s largest, has been touted as a game-changer for Nigeria’s fuel sector, but its new pricing policy is already stirring debate over affordability and economic impact.
