Fuel prices may increase as Dangote Refinery starts selling fuel in dollars

• Pump prices of substance and different petroleum products are acceptable to increase, arsenic the Dangote Refinery announced that it volition present merchantability successful dollars
• The institution explained the reasons for the suspension of naira income and asked Nigerians to understand
• The company, successful its statement, hinted astatine erstwhile it would instrumentality to selling its products successful naira

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

The Dangote Petrochemical refinery has announced a suspension of the income of petroleum products successful naira.

This update was shared successful a station connected radical X (formerly Twitter handle), @DangoteGroup connected Wednesday, March 19, 2025.

This alteration successful income currency volition impact income of each its petroleum products including premium centrifugal tone (PMS), diesel, and others.

The refinery noted that it volition nary longer beryllium capable to merchantability successful naira, to debar issues with settling its dollar-denominated crude lipid obligations. Photo credit: Ernest Ankomah/Pius Utomi Ekpei
Source: Getty Images

The connection noted that this is simply a impermanent determination made retired of necessity, and volition beryllium reversed arsenic soon arsenic possible.

Dangote Refinery explains wherefore it halted naira sales

According to the statement, the refinery has halted the income of petroleum products successful naira, truthful arsenic to beryllium capable to conscionable its crude lipid acquisition obligations.

It noted that its crude lipid purchases are present denominated successful U.S. dollars, and continual income successful naira could pb to a mismatch betwixt the income proceeds and crude lipid acquisition obligations.

The statement read;

“To date, our income of petroleum products successful Naira person exceeded the worth of Naira-denominated crude we person received. As a result, we indispensable temporarily set our income currency to align with our crude procurement currency.”

The institution promised to resume income of petroleum products successful naira, erstwhile it starts getting naira-for-crude cargoes from the Nigerian National Petroleum Corporation Limited (NNPCL).

It stated;

“We stay committed to serving the Nigerian marketplace efficiently and sustainably. As soon arsenic we person an allocation of Naira-denominated crude cargoes from NNPC, we volition promptly resume petroleum merchandise income successful Naira. We admit your knowing and practice during this period.”

Dangote Refinery debunks ticketing fraud rumours

The institution besides debunked rumours claiming that the refinery was having issues with ticketing fraud and had stopped loading petroleum products.

The connection affirmed that its systems are robust and nary incidences of fraud person been recorded.

The NNPCL had said discussions are ongoing to renew the naira-for-crude deal, but insiders hinted that the state-owned lipid steadfast mightiness opt to merchantability successful dollars instead. Photo credit: NNPCL/Dangote Group
Source: UGC

NNPCL announces extremity of naira-for-crude deal

Recall that the Nigerian National Petroleum Corporation (NNPCL) announced that the naira-for-crude deal with Dangote Refinery would extremity successful March 2025.

The state-owned lipid steadfast said that the woody lasted six months and discussions are ongoing to gully up a caller agreement to regenerate the aviator scheme.

Recall that astir 12 consignments loaded with Nigeria’s crude lipid are said to beryllium stranded astatine sea since March 10, arsenic buyers are inactive being sought.

Dangote Refinery starts buying crude from different state

In related news, the Dangote Petroleum Refinery has bought its first cargo of Equatorial Guinea’s medium-sweet, Ceiba crude.

This marks different measurement successful its efforts to diversify crude proviso sources arsenic it struggles to get capable from the NNPCL.

The refinery had earlier sourced crude lipid from Angola, and Algeria, and industry experts accidental the institution is retired to get the champion deals.

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Source: Legit.ng