MARKETERS, OTHERS REJECT DANGOTE FUEL PRICING IN DOLLARS

Petroleum marketers and other stakeholders have rejected the Dangote Refinery’s decision to sell petrol in US dollars, describing it as a setback for the naira and a burden on Nigerian consumers.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) issued a joint statement on Friday strongly opposing the refinery’s move. They argued that pricing fuel in dollars will further weaken the naira and increase the cost of living for ordinary Nigerians.

“Pricing petroleum products in dollars is unacceptable. It is a direct assault on the naira and will make fuel unaffordable for most citizens. We call on the Federal Government to intervene immediately,” the statement read.

The marketers warned that the policy could lead to a sharp rise in pump prices and trigger widespread hardship. They also expressed concern over the broader economic implications, including increased inflation and pressure on the foreign exchange market.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been urged to engage with the Dangote Refinery to ensure compliance with local regulations and protect consumer interests. The authority is expected to hold a meeting with all parties in the coming days.

Economic analysts have criticised the development as a further step in the dollarisation of the Nigerian economy. They called on the Central Bank of Nigeria to take decisive action to stabilise the naira and ensure that critical commodities remain priced in the local currency.

Dangote Refinery officials have defended the decision, citing difficulties in accessing foreign exchange through the official window. They said the move is necessary to sustain operations and guarantee stable fuel supply.

The controversy has sparked intense public debate, with many Nigerians taking to social media to express their dissatisfaction. As the situation unfolds, the government is under pressure to find a lasting solution that balances the interests of the refinery and the welfare of citizens.