Dangote Refinery says importers hoarding petrol forced return to naira sales
By Aboki Forex —
The Dangote Petroleum Refinery reverted to selling petrol in naira because importers were deliberately holding back their stocks, a management official of the company has disclosed. The official, who spoke on condition of anonymity, told The PUNCH that the change was not because the crude oil shortage had been resolved.
Why the policy reversal
The source said the refinery decided to halt dollar-denominated fuel sales in the interest of the country to prevent fuel scarcity and further increases in petrol prices. According to him, importers were holding back their goods in anticipation of higher fuel prices.
“We took a decision in the interest of the country to start selling Premium Motor Spirit in naira, since we saw that the importers were holding back their goods, looking for a price rise,” the source said.
What it means for consumers and the naira
The shift back to naira sales aims to keep petrol pumps flowing and avoid price spikes that would hit Nigerian households and businesses. By selling in local currency, the refinery removes the immediate pressure of dollar demand for fuel purchases, which could help stabilise the naira. Consumers may avoid the steep price increases that hoarding by importers would trigger if left unchecked.