By NIGPOST Reporter
Nigeria’s petroleum marketers and depot owners have accused Dangote Refinery of using its naira-for-crude sales deal as leverage to pressure the federal government, adding to the uncertainty surrounding fuel prices.
Government’s Delayed Decision on Naira-for-Crude Deal
The federal government’s technical sub-committee on Domestic Sales of Crude Oil and Refined Products, chaired by the Federal Inland Revenue Service (FIRS) Executive Chairman Zacch Adedeji, was expected to meet on Monday to determine the fate of the naira-for-crude deal.
However, the meeting was postponed due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) failing to submit its report on crude oil availability.
A source familiar with the matter revealed that without the report, discussions could not proceed as planned.
Marketers Criticize Dangote Refinery’s Move
Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) executives have accused Dangote Refinery of attempting to manipulate public sentiment against the government by suspending petroleum product sales in naira.
They argue that before the naira-for-crude deal, petroleum marketers had been purchasing imported fuel in dollars, so Dangote’s decision to price its products in dollars should not cause a major disruption.
“What Dangote Refinery is doing is cheap blackmail. The company is trying to pressure the government into a fresh naira-for-crude deal while making it seem like it is acting in Nigerians’ best interests,” a top executive said.
Concerns Over Nigeria’s Forex Stability
DAPPMAN’s Executive Director, Olufemi Adewole, warned that continuing the naira-for-crude oil deal could destabilize Nigeria’s foreign exchange market and discourage foreign investors.
“The global oil market operates in U.S. dollars due to its stability. If Nigeria continues with this policy, it risks alienating trade partners and investors,” he stated.
Dangote’s Price Adjustments and Market Reactions
Last week, Dangote Refinery reduced its ex-depot price of petrol from ₦825 to ₦815 per litre while the naira-for-crude deal was still active. However, following its decision to sell products in dollars, fears of a fuel price hike have grown.
Currently, fuel prices vary across locations:
- NNPC and Dangote Refinery: ₦860 – ₦880 per litre (Lagos & Abuja)
- Independent Marketers: ₦920 – ₦950 per litre
Marketers have hinted at seeking alternative fuel sources if Dangote’s new pricing policy becomes unfavorable. Meanwhile, Nigerians remain on edge as uncertainty looms over fuel prices in the coming weeks.
For more updates on this developing story, stay tuned to NIGPOST.
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