One week after, petrol retailers confirm currency used to buy products from Dangote Refinery

• Dangote Refinery announced, past week, that it would beryllium temporarily suspending the merchantability of its refined petroleum products successful naira
• The institution said that transactions would present beryllium done successful dollars, the denomination successful which it purchases its crude
• One week aft this announcement, petrol retailers person confirmed the currency they usage to bargain products from the refinery

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

On March 19, 2025, the Dangote Refinery enactment retired an authoritative announcement that it was temporarily suspending income of refined petroleum products successful naira.

The institution noted that this was owed to the uncertainty surrounding the naira-for-crude deal.

The institution explained that if it was buying each its crude successful dollars, it needed to merchantability successful the aforesaid currency to debar a mismatch betwixt income proceeds and crude lipid outgo obligations.

The NNPCL had announced an extremity to the aviator signifier of the naira-for-crude deal, adding that it has started renegotiations with the Dangote Refinery. Photo credit: NNPCL/Dangote Group
Source: UGC

Petrol retailers corroborate transaction currency astatine Dangote Refinery

More than 1 week aft the announcement, petrol retailers successful Nigeria person confirmed that the merchantability of petroleum products from the Dangote Refinery is inactive being conducted successful Nigerian naira.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) noted that much than a week aft the refinery announced its determination to commencement conducting income successful dollars, it had yet to beryllium implemented.

Speaking successful an interrogation connected Arise television, the group's nationalist president, Dr. Billy Gillis-Harry, noted that arsenic a body, PETROAN has besides not received immoderate ceremonial connection astir the day it volition commence income successful dollars.

Retailers corroborate they inactive bargain successful naira

Dr. Gillis-Harry confirmed that arsenic of March 27, 2025, this suspension is yet to instrumentality effect, and retailers inactive marque their purchases successful the Nigerian naira.

The PETROAN president besides confirmed that substance prices astatine the depots person not accrued since the announcement.

He said;

“So arsenic acold arsenic I know, up until yesterday, our members who bought products are inactive buying successful Naira. And I don’t deliberation that Dangote is looking for however to make immoderate panic successful the system.”

He added that the Dangote refinery made the announcement to make nationalist announcement astir what could hap if the naira-for-crude woody falls through, and however it could impact the stableness of the refinery business, ThisDay reports.

Petrol retailers importune naira-for-crude woody indispensable continue

Recall that the PETROAN already issued a connection voicing their basal connected the naira-for-crude deal. The radical called for a continuation of the argumentation successful a mode that creates much worth for the section economy and fosters marketplace competition.

The Dangote Refinery has consistently imported crude lipid from respective countries to conscionable its crude needs, and besides exporting the products. Photo credit: Ernest Ankomah/Contributor
Source: Getty Images

Dr. Gillis-Harry urged the national authorities to marque much consultations with the Petroleum Industry Stakeholder Forum and decently see the pros and cons of the policy.

They noted that Nigerians volition get amended prices if substance importation continues, portion the home refineries besides get their crude successful naira.

Petrol retailers pass against panic buying

Following the suspension of naira income of petroleum products, determination person been reports of panic buying.

Petrol marketers person assured Nigerians of a changeless proviso of petrol products, and discouraged panic buying.

The PETROAN nationalist president has besides expressed the group's basal connected the continuation of the naira-for-crude deal, arsenic good arsenic substance importation.

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Source: Legit.ng