Dangote Refinery: PETROAN Opposes Petrol Sales In Dollars

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has opposed the sale of petroleum products in the Nigerian market using dollars by Dangote Refinery.

National President of PETROAN, Billy Gillis-Harry, expressed this concern in a statement on Tuesday.

His remarks followed Dangote Refinery’s decision last Wednesday to suspend petroleum product sales in Naira, pending discussions with the Nigerian National Petroleum Company Limited (NNPC) regarding the continuation of the Naira-for-crude sale policy.

Reacting to the development, Gillis-Harry warned that selling petroleum products in dollars would negatively impact Nigeria’s economy by increasing pressure on the Naira in the foreign exchange market.

He urged the federal government to intervene and ensure that all petroleum product transactions within the country are conducted in Naira.

“We oppose the sale of petroleum products or any other products within Nigeria in dollars.

“We believe that such a practice would have an adverse impact on the economy, bringing undue pressure on foreign currency and exacerbating Nigeria’s already challenging inflationary situation.

“We urge the government to ensure that all transactions within the country are conducted in the local currency, the Naira, to protect the economy and the welfare of Nigerians,” he said.

He further called on the federal government to review and evaluate the Petroleum Industry Act (PIA) to identify necessary adjustments that would ensure the legislation aligns with the current realities of the petroleum sector.

“We believe that a comprehensive review of the PIA will provide opportunities to address emerging challenges, promote investment and enhance the overall efficiency of the petroleum sector.

“We also wish to commend the federal government for its commitment to allowing market forces to determine pricing, which encourages healthy competition and prevents the monopoly of any kind.

“This approach will ensure that the petroleum market remains competitive, innovative, and responsive to the needs of Nigerians,” he said.