Nigerians may soon face another increase in the cost of petrol and other petroleum products following the decision by Dangote Refinery to begin selling refined products in United States dollars instead of naira, a move that has sparked fresh concerns across the downstream oil sector.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Federal Government to urgently intervene, warning that the development could trigger higher fuel prices and place additional pressure on the country’s economy.
Speaking in an interview, IPMAN spokesperson Chinedu Ukadike explained that once refined petroleum products are priced in dollars, the cost of petrol, diesel and other fuels will become directly tied to fluctuations in the foreign exchange market.
According to him, the refinery’s decision effectively ends the naira-for-crude arrangement introduced by the Federal Government in October 2024, a policy designed to reduce pressure on foreign exchange and stabilize domestic fuel prices.
Ukadike cautioned that the new pricing structure could expose consumers to exchange rate volatility, meaning any rise in the value of the dollar could automatically translate into higher pump prices across the country.
He appealed to the Presidential Committee on Naira-for-Crude Sales and other relevant government agencies to step in immediately before the situation worsens.
The warning comes as global crude oil prices continue to climb amid rising geopolitical tensions in the Gulf region, adding another layer of uncertainty to Nigeria’s petroleum market.
Despite the latest development, ex-depot prices have remained relatively stable, with Dangote Refinery maintaining petrol at ₦1,075 per litre, while other depot operators are selling between ₦1,085 and ₦1,170 per litre. Retail pump prices in Abuja and surrounding areas currently range from ₦1,155 to ₦1,205 per litre.
With inflation already squeezing household incomes, many Nigerians are closely watching the Federal Government’s next move. Industry observers believe any prolonged delay in resolving the issue could lead to another round of fuel price adjustments, affecting transportation costs, food prices and the overall cost of living nationwide.
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