By Our Correspondent
Nigeria has narrowly escaped a fresh round of fuel price hikes after the Dangote Petroleum Refinery reversed its earlier decision and announced the resumption of petrol sales in Naira, following an intervention by the Federal Government.
The refinery, in an email to its customers sighted on Saturday, confirmed that sales of Premium Motor Spirit (PMS) in local currency had recommenced immediately. The statement credited the swift resolution to the intervention of the Naira-for-Crude Technical Committee Chairman, who brokered the deal that calmed growing fears of an imminent nationwide crisis.
“Dear Valued Customer, following the intervention of the Naira-for-Crude Technical Committee chairman, we are pleased to inform you of the resumption of PMS sales in Naira commencing immediately. You may kindly proceed to place your orders in Naira for both self-collection and free delivery of PMS to the earlier advised location(s) across the country. Thank you for your continued patronage,” the refinery’s Group Commercial Operations stated.
The move has averted what could have been a crippling escalation in pump prices across Nigeria. Earlier on Saturday, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had sounded the alarm, warning that its members would be left with no choice but to increase fuel prices nationwide after the refinery halted local-currency sales.
The 650,000-barrel-per-day refinery, regarded as Africa’s largest, had previously suspended PMS sales in naira, sparking nationwide anxiety. Analysts warned that the suspension would have triggered fresh economic shocks, further worsening inflation and hardship already facing millions of Nigerians.
But with the latest intervention, relief has swept through the downstream oil sector, offering a temporary reprieve to consumers and stabilizing fuel distribution networks across the country.
Industry watchers, however, caution that unless a lasting framework is put in place to ensure consistency in local currency sales, Nigeria may continue to face recurring bouts of volatility in fuel pricing.
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