“We Are Still Buying”: Petrol Retailers Confirm Currency of Purchase From Dangote Refinery

• Dangote Refinery announced, last week, that it would be temporarily suspending the sale of its refined petroleum products in naira
• The company said that transactions would now be done in dollars, the denomination in which it purchases its crude
• One week after this announcement, petrol retailers have confirmed the currency they use to buy products from the refinery

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

On March 19, 2025, the Dangote Refinery put out an official announcement that it was temporarily suspending sales of refined petroleum products in naira.

The company noted that this was due to the uncertainty surrounding the naira-for-crude deal.

The company explained that if it was buying all its crude in dollars, it needed to sell in the same currency to avoid a mismatch between sales proceeds and crude oil payment obligations.

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Petrol retailers confirm transaction currency at Dangote Refinery

More than one week after the announcement, petrol retailers in Nigeria have confirmed that the sale of petroleum products from the Dangote Refinery is still being conducted in Nigerian naira.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) noted that more than a week after the refinery announced its decision to start conducting sales in dollars, it had yet to be implemented.

Speaking in an interview on Arise television, the group's national president, Dr. Billy Gillis-Harry, noted that as a body, PETROAN has also not received any formal communication about the date it will commence sales in dollars.

Retailers confirm they still buy in naira

Dr. Gillis-Harry confirmed that as of March 27, 2025, this suspension is yet to take effect, and retailers still make their purchases in the Nigerian naira.

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The PETROAN president also confirmed that fuel prices at the depots have not increased since the announcement.

He said;

“So as far as I know, up until yesterday, our members who bought products are still buying in Naira. And I don’t think that Dangote is looking for how to create any panic in the system.”

He added that the Dangote refinery made the announcement to create public notice about what could happen if the naira-for-crude deal falls through, and how it could affect the stability of the refinery business, ThisDay reports.

Petrol retailers insist naira-for-crude deal must continue

Recall that the PETROAN already issued a statement voicing their stand on the naira-for-crude deal. The group called for a continuation of the policy in a way that creates more value for the local economy and fosters market competition.

Dr. Gillis-Harry urged the federal government to make more consultations with the Petroleum Industry Stakeholder Forum and properly consider the pros and cons of the policy.

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They noted that Nigerians will get better prices if fuel importation continues, while the domestic refineries also get their crude in naira.

Petrol retailers warn against panic buying

Following the suspension of naira sales of petroleum products, there have been reports of panic buying.

Petrol marketers have assured Nigerians of a constant supply of petrol products, and discouraged panic buying.

The PETROAN national president has also expressed the group's stand on the continuation of the naira-for-crude deal, as well as fuel importation.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng