Oil marketers have stated that Dangote Refinery has not yet begun selling petrol in dollars, as depot prices remain unchanged.
Speaking on Arise Television on Wednesday, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, clarified that despite the refinery’s recent announcement regarding dollar transactions, sales are still conducted in Naira.
He emphasized that PETROAN has not received any official notification of a shift to foreign currency transactions, nor have fuel prices increased at the depots.
“As of yesterday, our members were still purchasing products in Naira. I don’t believe Dangote intends to create panic in the market, but he is advocating for business stability, which is expected from any businessman,” Gillis-Harry said. “However, I cannot confirm that any sales have taken place in US dollars yet.”
Dangote Refinery announced on March 19 that it would temporarily halt sales in Naira due to the mismatch between its crude oil purchases, which are made in dollars, and its local sales proceeds. Despite ongoing discussions to resolve the issue, no final agreement has been reached.
Gillis-Harry reiterated PETROAN’s stance that Nigerian crude should be sold in Naira, calling for broader stakeholder engagement before any policy changes.
“If this decision is to be reviewed, it should go through a full stakeholder process rather than being implemented unilaterally. The Petroleum Industry Stakeholder Forum, led by the Minister of Petroleum, exists for such discussions,” he stated.
Regarding fuel pricing, PETROAN noted that fluctuations are inevitable due to factors such as production and landing costs.
“The price of petrol is determined by multiple variables—production costs, delivery expenses, and landing costs. Any shift in these factors will impact pricing. If costs decrease, prices will drop, and if they rise, prices will increase accordingly,” Gillis-Harry explained.
He also advised Nigerians against panic buying, assuring that there is no immediate risk of fuel shortages.
