The Dangote Petroleum Refinery has resumed the sale of petrol in naira, saying the decision was taken to prevent fuel scarcity and further increases in fuel prices.
A senior official of the refinery, who spoke anonymously, said the move was made in the national interest after marketers allegedly began holding back petrol stocks in anticipation of higher prices.
According to the official, the return to naira sales does not mean the refinery’s crude oil supply challenges have been resolved. He explained that discussions with the Federal Government over the naira for crude arrangement are still ongoing.
The refinery recently announced a new gantry price of ₦1,215 per litre for Premium Motor Spirit, reversing its earlier decision to sell petrol in United States dollars. The earlier dollar pricing had caused concern among marketers, many of whom said they could not access the foreign exchange needed to buy fuel.
The official also alleged that some stakeholders preferred exporting crude oil and importing refined petroleum products instead of supporting local refining.
Following the refinery’s return to naira sales, several fuel depots reduced their prices to remain competitive, while petrol pump prices currently range between ₦1,260 and ₦1,300 per litre, depending on location.
Industry observers say the decision could help stabilise fuel supply in the short term, although global crude oil prices and ongoing discussions over domestic crude supply will continue to influence petrol prices in Nigeria.
