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A dispute over the Dangote Refinery’s decision to sell petroleum products in U.S. dollars has prompted petroleum marketers to suspend large-scale fuel loading, raising concerns about possible fuel shortages and rising pump prices. The Federal Government has stepped in to mediate talks aimed at resolving the standoff and restoring stability to the downstream petroleum market.
Marketers said they halted purchases due to uncertainty over the refinery’s new pricing structure and the cost of imported fuel. They claimed some trucks had remained idle at the refinery for days, while private depots increased petrol prices amid fears of supply disruptions. However, Dangote Refinery denied suspending fuel loading, insisting that operations and product loading at its Lekki facility were continuing as normal.
The refinery recently switched to dollar-denominated sales, citing rising crude procurement costs and challenges with domestic crude supply under the naira-for-crude arrangement. Government officials are now engaging stakeholders to find a solution that could see local fuel sales return to naira, with the aim of preventing further market uncertainty and protecting consumers from potential price increases.
