Petroleum marketers and retail outlet owners have warned that Nigerian consumers could face the prospect of purchasing gasoline and diesel using United States dollars. This scenario may unfold if the federal government fails to reinstate the naira-for-crude agreement with the Dangote Refinery.
Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), shared these concerns following the refinery’s recent shift to dollar-based transactions. This move effectively paused the previous arrangement that allowed local off-takers to acquire refined products from the 700,000-barrel-per-day facility in naira.
While the federal government has not released an official statement, rumors suggest officials are actively negotiating to restore the naira-denominated deal. Gillis-Harry emphasized that these talks must reach a swift resolution to prevent financial hardship for the public. He urged the government to act quickly to shield the domestic market from volatile international energy prices. As of now, petrol prices in the Abuja region fluctuate between N1,155 and N1,220 per liter, while diesel costs reach as high as N1,800 per liter.
